Definition of "Partition action"

David Stonier real estate agent

Written by

David Stonierelite badge icon

Achieve Realty

Court action to order a compulsory sale of real estate owned jointly between two or more owners. A partition action divides the proceeds of a real estate sale among the joint owners rather than physically dividing the real estate into separate undivided interests. For example, a partition action occurs in an estate dispute between the heirs of the Jack estate where all were granted a tenancy in common for a large parcel. The court ordered the property sold at market value with dividing the proceeds equally among the heirs.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Real Estate Terms

The meaning of plot refers to a parcel or a small lot. A plot is essential in determining the land cost. Additionally, it defines a diagram or schematic drawing of a building or piece of ...

Corporation having only one person, A corporation sole is primarily used for the purposes of a nonprofit ecclesiastic church related organization. Ina church, the corporation sole is headed ...

To secure a listing by a real estate agent for a certain parcel of property. For example, a real estate broker wishes to list as many properties a possible to built an inventory of future ...

Charge assessed a mortgagor by the mortgagee when assuming a pre-existing mortgage. The assumption fee is often included in the closing costs when purchasing property. ...

Percentage of rentals estimated not to be made because of actual and anticipated vacancies. ...

Retail businesses in the same locality having a parking lot servicing them. The center may contain a department store, small retailers, and restaurants. There may also be a movie theater. ...

Value of agricultural land as determined by its ability to produce crops and livestock. ...

Same as term Veterans Administration Mortgage: Mortgage guaranteed up to 30 years by the Veterans Administration to veterans meeting minimum requirements. Originally established by the ...

An entrance hallway from the outside of a building. Foyers are intended as a gathering place for people either before exiting or upon entrance. ...

Popular Real Estate Questions