partition

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partition

The division of real property into separate parcels for joint owners who no longer wish to own the property together.If possible,a court must physically divide the property into shares of equal value and quality.If not possible,the court will order a sale of the property with the proceeds to be split among the owners.Partition actions are encountered most often when an owner of real property dies without a will but with several heirs.If they cannot agree on a disposition of the property, it will be partitioned. In the alternative, investors will often buy an undivided interest from a minority heir for very little money and then petition a court for partition.Usually the investor will be able to buy the property at the partition auction, because none of the other owners can afford to purchase the whole.The strategy is not intended to obtain a bargain price for property,because the court will usually order an appraisal and prohibit any owner from buying at a price less than the appraised value. Rather, the practice is intended to force property onto the market even though some or most of the other owners have no desire to sell.

References in periodicals archive ?
Disk Partitioning is a powerful solution that improves data security, enhances system performance, provides better file organization and supports multiple operating systems.
0 provides graphical tools for easy Linux installation and disk partitioning.
VMware claims the system avoids the performance penalties of emulation or simulation, and sidesteps the risks of disk partitioning or re-booting.
Support for the latest Windows 7 (both 32- and 64-bit) Support for all existing backup techniques and of all the latest hardware as well as hard disk partitioning schemes.
However, Windows itself makes hard disk partitioning harder than it needs to be.
Avanquest Software, a developer and publisher of business and consumer software, has announced the release of Partition Commander 10, an upgrade to its hard disk partitioning and maintenance utility.