What to Do When Co-Owning a Home Doesn’t Work Out
What happens when co-owners decide not to co-own any more? if an owner wants to voluntarily come off the title, no problem. The co-owners prepare a new deed to convey that person’s interest, with a new title reflecting the desired ownership. And if multiple heirs who co-own a property want to sell it and divide the proceeds, then all they need is a buyer.
But what happens when two or more people with a shared a title or interest in a property disagree on how to handle their ownership — but no one wishes to relinquish an ownership interest to the other? Then both (or all) remain owners. Even if an owner previously “added” someone else to the deed, that second person has a right to continue owning.
Sometimes adult siblings or cousins reach an impasse on how to use an inherited family property. Partners in an investment venture might run into basic disagreements, such as whether to rent the property out or prepare it for sale. Family members might buy a house together, only to find their relationship gradually turning sour. If nobody will budge from their position, a change can only be forced through partition.
The partition of a property can be voluntary, or it can occur when one of the owners sues the other(s) and obtains a court-ordered partition.Continue reading “The Partition of Property”