Dividing a jointly owned property

On Behalf of | Feb 13, 2020 | Real Estate Law |

There are many reasons someone may only partially own a Georgia property. Spouses buy a home together. Family members jointly inherit property after a loved one passes away. If everyone agrees, sharing a property can be simple. However, problems may occur if one or more parties do not agree on what to do with it. 

Co-ownership comes with its own set of unfamiliar issues and consequences. The attorneys at Boling Rice LLC understand the complexities of real estate law. We often help clients with these unique challenges. If a disagreement about the property arises, there are different methods to resolve the issue. 

Partition action 

Two or more people who own a piece of property may disagree on what to do with it. Imagine three siblings have inherited a home from a recently deceased parent. One sibling wants to keep the property while the other two want to sell it. One of the siblings may need to file for a partition action. A judge will divide the piece of property equally among the individual owners. Each individual can choose what to do with his or her share. 

Quiet Title 

Suppose a couple buys a property together. Because one person has a lower credit score, they decide only the other person will be on the title to get better financing. Both parties agree that they co-own the house in equal shares. Later, the couple decides to split up. The person on the title refuses to acknowledge the other’s ownership. A quiet title establishes ownership rights. 

Visit our webpage for more information about real estate law and joint ownership disputes.