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

In business, one may come across the cash accounting method, also known as cash-basis accounting, during the accounting period. The cash method of accounting is used where payments are ...

Usually a fairly large site zoned and planned for the purpose of industrial development and located outside the main residential area of a city. Industrial parks normally are provided with ...

Brick wall where a space or cavity is left between the inner and outer walls and is usually filled with insulation. ...

The term endorsement can have various meanings depending on the context. In a business transaction, the parties sign a contract about the legal transfer of a negotiable instrument in ...

Highest bid to buy and the lowest offer to sell a parcel of real estate in a particular market at a specified time. ...

Created by the US Congress in 1965, the Department of Housing and Urban Development (HUD) is the agency principally responsible for federal programs relating to housing and urban ...

The addendum definition is an attachment, clause, or section added to an agreement or contract specifying additional terms, conditions, or requirements to the original agreement or ...

Right of a current stockholder to maintain the percentage ownership in a real estate company by purchasing new shares on a proportionate basis before they are issued to the public. It ...

A shallow yet funny definition of a tax specialist is someone who loved math since 1st grade. He or she has an elephant’s memory and is always up to date with the regulations and ...

Popular Real Estate Questions