By GNGF on March 28th, 2016 in
Hi, I’m Kent Berk. I’m an attorney at the Scottsdale, Arizona law firm of Berk Law Group, where we handle real estate, probate, and other types of cases here in Arizona.
We’re sometimes contacted where two or more people own a piece of real estate, and they can’t decide on what to do with it. Some of them want to keep it, others want to sell it. One wants to occupy it, others want to rent it, whatever.
If those types of situations arise, don’t worry. There is a statute in Arizona that allows for what’s called a Partition Action. It’s a statutory action that’s a very limited lawsuit, where the court basically has to decide on what the parties’ interests are in the property. In other words, what percentage interest each owns.
Then, the court will direct the sale of the property. After all the costs of the sale, real estate commissions, closing costs, and so forth are paid, then the proceeds will be divided among the owners in accordance with their percentage ownership interests.
As part of the Partition Action, the court can designate a special master or real estate agent that will be in charge of marketing and selling the property, as well as setting the sales price.
If you have any questions regarding a real estate dispute, including a partition action, or disputes among owners of real estate, please don’t hesitate to give us a call. Thank you.
