Partition of Co-Owned Property
Whether they’re co-owning a property for rental income with a business partner, buying a home with a friend or family member, or simply wanting to split expenses with another person, people co-own real estate in Hawaii for many reasons. Unfortunately, those partnerships sometimes don’t work out. If you’re looking to terminate co-ownership of a property, call an expert Kona real estate lawyer from DeVries & Associates, P.C. Your attorney can explain your options to you and help you come to a resolution.
The most common reasons to terminate co-ownership include:
One ownership partner has stopped making payments
There is no written agreement of obligations for each partner
Personal disputes or dissolution of businesses
In most cases, the best course of action is to try and resolve the dispute and come to an agreement on the terms of the co-ownership termination. If you and your partner(s) cannot come to an agreement, a real estate lawyer can help you facilitate a court-supervised partition action.
A partition action is a lawsuit against the party or parties that the filer wants to terminate co-ownership with. Once filed, your real estate lawyer can help guide you through the legal process. The courts will decide to terminate the co-ownership with a partition in kind, which is a physical division of the property among partners, or a partition of sale. A partition of sale is when the entire property is sold and the profits are divided among the owners.
In either event, an experienced Hawaii real estate lawyer can help you terminate co-ownership of your Hawaiian property with the expertise and personalized attention that DeVries & Associates is known for. Call (808) 465-2500 to schedule your initial consultation, The DVA team is also highly-experienced in civil litigation, business law, contract law, and condo / hoa law.