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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
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.
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.
Up until now, the IRA has been opposed to taking part in "partitionists" assemblies in Ulster.
There are Bosnians and Muslims in both camps, but the preponderance of the Bosnian cause fell athwart the plans of the cleansers and partitionists, and was, and is, fully deserving of solidarity.