Having an interest in the real estate market in Florida can be a reality that everybody could afford to have or wish to have, a place to reside, an investment property or just a playground. Although, what if the ownership of the property is not exclusive to the subject but takes a form of partnership with other people? Whether it is a beach house, a business trip with a partner on a business property, or a summer home vacation with friends, this kind of joint ownership of Florida real estate may be problematic. Although, there are ways through which people with shared ownership could benefit, but there are problems that come along with it like instances which may cause disagreement in managing the property. In such circumstances, it might be acceptable to resort to a legal process known as partition action.
In this post, we are going to highlight the advantages and disadvantages of partition actions in Florida and enable you to know if engaging a partition action law firm in Florida is best suited for your shared property situation. Just remember that it is advisable to consult with a legal representative that is a Florida real estate attorney in order to fully understand the laws governing this and to look at all your choices.
Understanding Partition Action in Florida
A partition action Florida is a legal action under the law of Florida designed to reform real estate owned by co-owners and compel the sale or partition of the same. This process can be initiated by any co-owner who desires to either: This process can be initiated by any co-owner who desires to either:
- Sever their ownership interest: Through this, a co-owner can completely transfer his or her ownership rights and get his or her equitably deserved share of the unit's worth.
- Force the sale of the property: If the co-owners cannot cooperate the property, the partition action may reset the property, and sell and divide the proceeds among the co-owners according to the percentage of share.
There are two main types of co-ownership in Florida which can be subject to partition action by a real estate lawyer Florida:
- Tenancy in Common: This is shows how majority of deluxe properties are co-owned.
- This is the most common type of co-ownership. They have transferred an undivided interest in the whole property, with no ability for co-owners to regulate the sale, transfer or disposition of the interest by the other co-owners.
- Joint Tenancy with Right of Survivorship: A particular type of co-ownership in which title automatically transfers to the remaining joint tenant(s) upon the death of one of the co-owners. Nevertheless, a joint tenant can institute an action to partition the property during their lifetime to the joint tenancy.
Pros of Partition Action in Florida
While partition action can be a complex legal process, it offers several advantages to co-owners facing disagreements or wanting to exit shared ownership:
- Resolving Disputes: In Florida partition action, the court may find out that co-owners are having a disagreement regarding the use of property or the management of the property, partition action offers the legal way of settling this problem. A real estate attorney from Florida will be able to help you navigate the complexities of the court system while helping you get what is due to you in the situation.
- Selling the Property: When members of a partnership cannot decide on which plan will suit the utility of that property best, a partition action enables the court to suggest that the property be sold. This helps to prevent situations where one of the co-owners pressures the other into selling the home through the Supreme Court, in which the property might be sold for a relatively low price. The amount that is generated from the sale is further distributed among the co-owners following the sale order that is sanctioned by the court in proportion with their proven shares.
- Forcing a Buyout: There are some circumstances whereby one of the common owners might consider that he should be the only owner of the property. The idea of partition action can be used to compel the other co-owners of the property to sell the desired share. He can then acquire the shares at fair market prices that were set by the court and the remaining owner becomes the sole owner.
Cons of Partition Action in Florida
Despite the benefits, there are also significant drawbacks to consider before initiating a partition action:
- Time-Consuming and Expensive: The partition action can be very time and resource consuming. Litigation, valuation and possibly if we have to, mediation can often take Months and even Years. Court costs, lawyer fees, and any other related costs that are involved are sometimes too expensive.
- Strained Relationships: Legal action is likely to create tension, anger and frustration, which might lead to strains on co-owning relationships. By raising awareness and perhaps avoiding the involvement of a mediator can help to tackle this issue.
- Loss of Control: Jurisdiction is vested in a judge whenever a partition action is litigious, and therefore the judge determines the destiny of the partitioned property. This can eventually result to an undue disposal of the property regardless of the fact that one or more co- owners may not be willing to dispose of the property.
Alternatives to Partition Action in Florida
Before embarking on a partition action, it's crucial to explore alternative approaches to resolving co-ownership disputes:
- Negotiation and Agreement: Despite receiving the money, it may be possible to come to a common consensus through open dialogue between the co-owners. There was a clear legal rationale on why the terms of this agreement have to be written down to avoid misunderstandings in later years.
- Mediation: A third party who has no stake in the decision will suggest ways to settle the disagreement, and work as an intermediary to ensure that the needs and wants of all the co-owners are put forward and considered. Quite often, the cost of carrying out mediation is considerably lower compared to partition action, not to mention the time that is required for such action.
Conclusion
Partition action is one of the significant tools employed by the Florida legal system to combat ownership disagreements in real estate. That said, it might not be the best thing to do all the time. There is the question of consulting with a Florida real estate attorney; in fact, consultation with a legal practitioner makes it possible for you to weigh your options, which may include the foregoing procedures of ADR. Concerning partition action, an attorney will help you through the legal procedures and properly defend your interests to yield the best results.
