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 classic literature ?
It was a bare room, partitioned off from the gallery with unpainted wood.
But a short distance from the circular chamber we came suddenly into a brilliantly lighted labyrinth of crystal glass partitioned passages.
It is partitioned lengthwise, and through one compartment walked such as bore light sentences in ancient times, and through the other marched sadly the wretches whom the Three had doomed to lingering misery and utter oblivion in the dungeons, or to sudden and mysterious death.
Looking the other way, the vast expanse of land gave them a sensation which is given by no view, however extended, in England; the villages and the hills there having names, and the farthest horizon of hills as often as not dipping and showing a line of mist which is the sea; here the view was one of infinite sun-dried earth, earth pointed in pinnacles, heaped in vast barriers, earth widening and spreading away and away like the immense floor of the sea, earth chequered by day and by night, and partitioned into different lands, where famous cities were founded, and the races of men changed from dark savages to white civilised men, and back to dark savages again.
Striking a match, he explored his surroundings, finding that a little compartment had been partitioned off from the main hold, with the hatch above his head the only means of ingress or egress.
The vast saloons were partitioned off into 'apartments' containing three or four rooms each.