Texas Real Estate Partitions Are Often Needed When Families Inherit Real Property by Texas Real Estate Partition Lawyer Jason S. Coomer
Texas Real Estate Partitions are often needed when heirs, family members, and beneficiaries inherit Texas real estate and want to partition or divide the inherited real estate. A Texas real partition lawsuit can force the division or sale of inherited real estate including: commercial buildings, farms, mineral interests, lake houses, ranches, condominiums, houses, or commercial property.
For information on Texas Inheritance Real Estate Partition Lawsuits or Texas Probate Real Estate Forced Sale Lawsuits, please feel free to go to the follow webpage: Texas Real Estate Partition Lawsuit Information or please send an e-mail message to Texas Real Estate Partition Attorney Jason S. Coomer.
What is a Texas Real Estate Partition (Partition in Kind v. Partition by Sale)
In simple terms a Texas real estate partition divides Texas real estate interests. When real estate is a large tract of land and owned by several different owners, a partition may be done as a partition in kind by dividing the land into sections so each owner ends up with a separate, but equal portion of the real estate. This partition process can be simple or complex depending on several factors including the type of real property that is being divided and the determination of the owners to litigate. The goal in a partition is to make sure that the division or partition is fair among the owners.
However, when the real estate is a house, building, or other unique real estate a partition may be impractical or impossible. Some real property just cannot be divided by the owners including a house or building. In dealing with such unique property, the partition may need to be a partition by sale. A partition in kind is a division of the property itself, whereas partition by sale constitutes a forced sale of the land, followed by division of the profits thus realized among the owners of the real estate. A common example of the partition by sale occurs when more than one person inherits a house or building.
When Does a Texas Real Estate Partition Lawsuit Typically Occur?
Texas real estate partition lawsuits commonly occur after heirs or beneficiaries inherit a house or other real estate. In this situation, it is common for the heirs or beneficiaries to not be able to agree to whether to keep or sell the property. In some instances all or some of the heirs or beneficiaries live out of state, or have their own homes and have no need for another house or additional real estate. In other instances some of the heir or beneficiaries need cash and want to sell their interest. In still other situations, one or more of the heirs or beneficiaries do not want to sell a family house or family real property, but cannot afford to purchase the other heir's interest in the house or other property. In many of these situations, a real estate partition by sale may be necessary to sell or divide the inherited property.