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 ?
(28) For a number of MLAs the limited experience of working a committee system with Sinn Fein seemed to demonstrate the fundamentally partitionist nature of the settlement.
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.
"This is a grossly partitionist decision by An Post and it should be overturned by the Government," he said.
Ulster Unionist MP Mr Ken Maginnis said it was a gigantic step for the IRA and proved it was prepared to participate in a partitionist solution.
He added that the status quo, partitionist or non-functional solutions, are not acceptable "not only because they are not fair but more importantly because they will add to, instead of solving, the problem."
The play avoids any suggestion that its critique of the nationalist state reproduces the terms of civil war conflict between the partitionist "Staters" and the Republican idealists.
Ian junior said that Bertie Ahern was `talking like a partitionist' by treating Ulster differently to the Republic.
From Gerry Adams, who persuaded his Sinn Fein colleagues to accept what they regard as a "partitionist" parliament, to the Ulster Unionist leader David Trimble who has taken far bigger gambles.
But Mr McLaughlin said his party remained "totally opposed" to an assembly and accused Mr Mallon of peddling a partitionist solution.