Legal Question in Real Estate Law in California
Selling property
I own a house with my 3 other siblings. Two of us want to sell the house and two don't want to sell. I was told I could file a Partition Action to have the courts order the house to be sold and the proceeds be split (the house is owned free and clear). However, in doing a bit of research, I'm seeing where a judge could order the house to be sold at a public auction, which could bring the selling price way down than if we were to sell it the traditional way. Can you tell me which way is the likely way the house would be sold?
2 Answers from Attorneys
Re: Selling property
Normally in a partition action, because the property is order sold and at a lower price than fair market value, the filing of this action may cause reasonable parties to settle their disputes. Please contact me if you have any other questions.
Re: Selling property
Partition lawsuits are very difficult without the assistance of an attorney. If your siblings decide to fight the lawsuit and take matter to trial, it can become expensive and take a long time. When faced with a partition lawsuit, the once-unwilling owner often becomes much more willing to negotiate an out-of-court solution.
Sometimes the solution is a buy-out; other times, the parties agree on a sale, in which case, if there is an on-going dispute over how much money each is entitled to (the net proceeds in a partition sale are divided the same as the ownership percentages AFTER adjustments for excess outlays made by one co-owner for mortgage payments, property taxes, insurance, necessary repairs, etc. and for rents received by the owner in possession from third-party tenants), the owners may wish to agree to have that handled by post-sale arbitration.
If all else fails, you can hire a lawyer to prepare and file the lawsuit, but you should instruct the lawyer to keep pressing for a negotiated settlement.
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