Austin Texas Forced Real Property Sale Lawyer and Central Texas Partition Action Lawyer Helps Real Estate Owners Partition and Sell Real Estate by Austin Texas Forced Real Property Sale Lawyer and Central Texas Partition Action Lawyer Jason S. Coomer
Heirs, family members, beneficiaries, and other real estate owners often determine that they no longer want to be co-owners of real property. These situations can occur because property taxes and expenses are costing too much, the real property values have risen and they want to pull their assets out of the real property, or they no longer get along with their co-owners. Whatever the reason co-owners of real property commonly seek to partition or force a sale of real property. When this situation arises in often becomes necessary for the co-owners to hire a Texas real estate lawyer to file a partition action in district court or probate court to force a sale. For more information on Texas real property issues or Texas partition actions, please go to the following web pages: Texas Real Estate Lawyer Information and Austin Texas Forced Real Estate Sale Lawyer & Central Texas Partition Action Lawyer Information.
What is a Real Estate Partition (Partition in Kind v. Partition by Sale)
In simple terms a real estate partition is dividing real estate interests. When the real estate is a large tract of land, the partition may be done as a partition in kind by dividing the land into sections. This process can be simple or complex depending on several factors. The goal 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 real estate that may be impractical to divide ownership of a house or building 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 Real Estate Partition by Sale Occur?
A Real Estate Partition often occurs after heirs or beneficiaries inherit a house or other real estate that cannot be divided. 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. In other instances one or more of the heirs or beneficiaries do not want a house and the other heirs cannot afford to purchase that heir's interest in the house or building. In these situations, a real estate partition by sale may be necessary.
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