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 ?
Indeed, McCluskey builds a compelling case of partitionist diplomacy against the Treatyite elite from truce to civil war.
In fact, one analyst demonstrates that the new Island City would strongly favour a federalist and (at the time) partitionist city-wide council because of the integration of the more numerous West Island boroughs.
But it is ironic that such a partitionist solution should be invented for the Irish accountancy profession only after the Good Friday Agreement.
Between Plan A and Plan B, appeals to the Supreme Court and the partitionist movement, the feeling of emptiness and dissatisfaction of the Canadian population with political life has reached a nadir, particularly visible during the 1997 federal elections.
I'll give it to him tho, that inscrutable smile never left his partitionist face.
Similarly the fanatics on the Turkish Cypriot side, who rely on the Turkish military and financial supremacy and try to impose a partitionist solution will fail.
I believe that there are many partitionist attitudes in the south and I believe that they are detrimental to the development of our nation.
This is a grossly partitionist decision by An Post and it should be overturned by the Government," he said.