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
" A metal plate attached to the lower end of a door to prevent marring from people "kicking" the door in order to open it. A metal plate mounted on the open edge of a stairs platform." ...
When we talk about agency as a real estate concept, we understand the relationship between the real estate agent and the client. However, the term dual agency defines a type of agency that ...
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. ...
The company is not responsible to a third party if an account or financial instrument is dishonored by the debtor. The creditor's recourse is solely to the debtor's property. An example is ...
Impeding and restricting people in various activities based on their race, ethnic reasons, or religion now goes against US laws in effect. In the past, especially in the 1960s, ...
Local governmental ordinance breaking down the country into districts that are restricted on how private property is to be constructed and used. It applies to the land and buildings. The ...
If you are a real estate investor and you come across this term, you might wind up wondering … What is the operating expense ratio? The operating expense ratio (OER) is a way for ...
Substance or material used at the top of a chimney at the roof to inhibit the development of moisture and to protect the metal. ...
Situation where a neighbor hood is gradually occupied by progressively lower income people. ...
Have a question or comment?
We're here to help.