Being an heir of a beach house with other family members, or owning a property with friends for tourist rental, having to share a commercial space with friends, these are examples that show you might be a part of a joint tenancy of Florida real estate. Joint tenancy or tenancy in common which is the legal system where two or more individuals have an interest in the same property may put the investment to different uses or enjoy or allow access for different uses by the parties, sometimes this may prove difficult in handling the property as it attracts disagreements due to change of status of the parties involved or else they simply dislike each other.
This is the area where partition action is going to help. But the question remains is it and more importantly is it right for you? Real estate law in Florida is complex, and as a real estate attorney Florida we can assist you in understanding your options in partition action as well as other solutions. Here’s a breakdown of what you need to know:
What is Partition Action in Florida?
A partition action Florida is a legal proceeding that takes place in the Florida state courts to effectively sever individual ownership of property or force the sale of real property held in common by multiple owners. This action can be initiated by any co-owner who desires to
- Sever their ownership interest: This makes it possible for either of the co-owners to sell out from the shared owned property and be paid a percentage equivalent to the current market price of the property.
- Force the sale of the property: In case the co-owners cannot make decisions on the operation of the property, a partition action may lead to a sale of the property under the court’s order. The remaining cash is split between the co-owners according to the proven percentages of ownership as presented in the sources.
Types of Co-Ownership Affected:
There are two main types of co-ownership in Florida that can be subject to partition action:
- Tenancy in Common: This is the most common position and entails that each co-owner acquires an undivided interest in the property and can alienate his/ her interest without the consent of the other co-owner(s).
- Joint Tenancy with Right of Survivorship: It is based on the principle of survivorship under which the ownership of the property will transfer to the surviving co-owners upon the death of any of the joint tenants. However, a joint tenant can always seek a partition during their natural Lifetime with or without the consent of the other joint tenant.
Considering Partition Action? Here’s What to Know:
- Benefits: By a real estate lawyer Florida, partition action is indicative of a clear and lawful methodology towards the resolution of co-ownership and co-ownership disputes. It can also be used to compel a sale of the property while it may enable an individual co-owner to sell the property to the other co-owners at a mutual agreed price.
- Drawbacks: Partition action, in general, could be a time consuming and can take more time and even be costly. Legal action, review or potentially a legally facilitated discussion could easily take 6 months to a few years hence juridical expenses and costs. Also, as a result of the legal action, pressure and tensions between the co-owners are likely to emerge.
- Loss of Control: Finally, for partition suits, it is the judgement accomplished by a selected judge that acts as the final verdict on the property. This can lead to an undesired conclusion which is selling the property even though some co-owners may wish to hold on to the property.
Alternatives to Partition Action
Before embarking on a Florida partition action, exploring alternative approaches to resolving co-ownership issues can be beneficial:
- Negotiation and Agreement: It is essential that co-owners and parties involved in forming the legal entity underline the importance of open and honest communication so that problems like the one described in the question can be solved with compromise solutions acceptable to all. Writing this contract prepares specifically for possible misunderstandings in the future and make it easy to fall in line with any changes.
- Mediation: The third party can act as the middleman who will help facilitate the negotiations between the co-owners to help arrive at a solution that will best fit all the affected parties. Litigation can even be more inexpensive as well as more time consuming than partition action.
Conclusion
Co-ownership of real estate can be challenging and partition action can be a significant remedy with respect to its effects in Florida. Nevertheless, it is not the path that would be optimal to follow all the time. By seeking advice from a Florida real estate attorney, people open themselves up to all available possibilities for a solution to their legal dilemmas, including non-litigious options. A lawyer can assist you in legal proceedings when it is required to take a partition action for the equitable division of the land, provided that all the interested parties are willing to part ways.
