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 ?
Even in today's Iraq, where sectarian violence has reached unprecedented levels since the February 2006 bombing of the Shiite shrine in Samarra, there remains a glaring mismatch between the positions of Iraqis and the partitionist ideas being floated in the United States.
Fear, first expressed in the form of "We love Quebec" on October 27, 1995, was succeeded by a new partitionist movement among anglophone Quebeckers who feared losing their membership in Canada's majority group.
The border between what was then East Pakistan and India is a precedent for what the partitionists would like to do to an independent Quebec.