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.