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
Government official who values real estate property for tax purposes and ascertains the annual property tax assessments that must be collected. ...
Methods of materials used in designing and fabricating a building. ...
Unable to move a structure so it must stay where it is. Except for mobile homes, property is fixed at a particular site. Inability of a person to move because he or she is attached in ...
A reciprocal transfer of property from one entity to another. A market for securities of a real estate companies, such as the New York Stock Exchange (NYSE) ...
A person who dies without a will and having unknown intentions regarding his estate. In such case, a court administrator is typically appointed to act as an executor in distributing any ...
Post-like components of wood that comprise a building frame. For example, a building code in a locality might require that studs measuring two-up-six be used for the exterior part of the ...
Water/plaster mix used as a surface for walls and ceilings. ...
A situation that occurs when borrowed funds cost more than they produce. ...
A decrease in spending dollars because of a decrease in the money supply. Less funds available to prospective home buyers by lenders. Attractive mortgages are difficult to get. ...
Have a question or comment?
We're here to help.