Joint ownership can make real property acquisition more accessible. People may pool their resources and income to qualify for mortgages and purchase property. Unmarried romantic partners, siblings, cousins, best friends and even college roommates might decide to buy homes together.
Joint ownership can also be the result of an inheritance. Siblings and cousins could share an interest in a single property left to them by a family member. In either scenario, co-owners typically need to work with one another. They must share financial obligations and physical responsibility for property maintenance.
If one owner doesn’t uphold their responsibilities or if other issues, such as a planned move or the end of a relationship, make continued joint ownership problematic, then a partition action might be a helpful solution.
What is a partition action?
A partition action is essentially a real estate lawsuit that terminates joint ownership. Judges have the authority to order the sale of the property, divide a single parcel into multiple separate properties or facilitate a buyout where one owner sells their interest to other owners or acquires their interest in the property.
Each of those solutions can effectively remedy disputes among co-owners. Property owners initiating partition actions can ask for a specific solution from the courts. They may need assistance reviewing ownership records and other documentation to support their claim that the intervention of the courts is necessary.
Reviewing issues related to joint ownership with a skilled legal team can help property owners in Georgia evaluate their options. Real estate litigation can be a viable solution in cases where co-owners can no longer amicably share ownership.
