Partition Action
Definition of "Partition action"
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.
Popular Real Estate Terms
Visible area that can be readily seen by outside traffic. This is particularly important for a commercial business. ...
Depressed, poorly kept locality that may include vacant businesses. It may be a high crime area. The people living in the area are typically poor and there may also be homeless people. ...
Legal property rights that don not include possession. Examples of incorporeal property rights are air and mineral rights, riparian rights, easement and access rights. ...
Limitation or prohibition such as on what a tenant in an apartment may not do. Local laws may also restrict certain actions such as failing to use the property for gambling purposes. ...
Legal boundary of property. ...
Same as term appraisal: Valuation assessment of real property by an expert third party for the following purposes: developing a realistic market price. setting a market value at the time ...
(1) Judges remark in a court ruling not in and of itself embodying the law. A dictum merely illustrates or amplifies the ruling. (2) Arbitrator's ruling. ...
When the return on borrowed funds exceed the after-tax interest cost. It is profitably using other people's money. ...
Any lease with a specific starting time and a specific ending time. ...
Have a question or comment?
We're here to help.