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 ?
Determination of Partition Method- Division of Property
The book has been authored by Sweden's Stockholm University Prof Dr Ishtiaq Ahmed and sheds light on the events of Partition through secret British reports and oral history.
The World's Most Dangerous Border looks at how the effects of Partition are still being felt on both sides of the Indo-Pakistan border, while One Week in Summer recreates the tumultuous final days of British rule.
These papers analyze different aspects related to adoption of the UN partition resolution.
Taking into account the fact that the joint ownership or co-ownership implies, by their definition, the existence of several people, the juridical partition cannot be conceived without the existence of at least one plaintiff and at least one defendant (Les, 2010: 890).
5) The upsurge of a revitalized interest in the event of Partition parallels the equally insistent pressure to suppress those memories.
Queries that include the partition key may be isolated to individual partitions, and therefore run faster.
When the partition is deleted by mistake or damaged by virus, the partition will become invisible.
Hard disk partition management solutions provider Aomei Technology Co Ltd announced on Monday the release of Partition Assistant 4.
Both partitions can be divided into Public Zone or Private Zone, where the Private Zone can be protected by password, moreover the capacity of each Partition and Zone is custom-sizeable.
Partition management solutions provider Aomei Technology has announced the release of Aomei Partition Assistant 3.