If a property is deeded into 3 equal shares, what rights do the individual owners have in the event of a disagreement?
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If a property is deeded into 3 equal shares, what rights do the individual owners have in the event of a disagreement?
Asked on January 6, 2013 under Real Estate Law, Virginia
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
Once the property has been deeded in the beneficiaries' names, then there is legal remedy that is employed in the event of a disgreement as to ownership matters among co-owner's; it is called "partition". With a partition, if a property can be divided equally, then the court will so instruct (as in the case of raw land or the like). In the event that the property cannot be divided (as in the case of a single family house,etc.), then the court will order that it be sold and the prcoceeds equitalby distributed among the owners; this is known as a "sale in lieu of partition". However, since partitions can be costly and time-consuming, it is advisable for the owners to try an work out an amicable agreement.
Note: Before a sale would be ordered, a co-owner(s) would be given the right to try and negotiate a buy out of the other co-owner(s).
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