Joint ownership can help people who may not qualify for mortgages on their own become homeowners. Joint ownership can also be the result of an inheritance or a business arrangement.
When two or more people own real estate together, they share the value of the property and responsibilities for the real estate as well. Differing opinions about what should happen with the real estate or a failure to respect arrangements for sharing responsibilities could lead to conflict between co-owners. The situation can damage relationships and impose unfair financial and practical responsibilities on one or more owners due to another’s failures.
If people who jointly own real estate can’t work out an amicable arrangement to resolve disputes about their shared property, going to court could be an option.
The courts can terminate joint ownership
Judges have the authority to resolve co-owner disputes in a variety of ways. In cases where one owner no longer wants to share responsibilities and equity with another, they may initiate a partition action.
Partition actions may result in the courts ordering the sale of the property, which then allows the co-owners to split the proceeds. Judges can also partition property by breaking one parcel into multiple parcels or facilitating one owner buying out another. Plaintiffs initiating partition actions can request specific remedies based on the type of property and other details about the situation.
In scenarios where continued joint ownership is not a viable option, asking the courts to help terminate joint ownership could be a reasonable solution. Discussing co-ownership challenges with a real estate attorney can help property owners determine the best option, given their circumstances.
