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Filing a Partition Action as Joint Tenants or Tenants in Common
When multiple individuals own a property under a shared tenancy and no longer want to share the responsibilities of ownership, they’re left with two paths. Entering a voluntary agreement to separate the property or petitioning the court for a physical division or sale.
Tenancy generally refers to how ownership is shared between owners. It determines how the sale proceeds or property are divided.
PartitionAction.com is a field expert with extensive experience guiding co-owners through both settlements and court-ordered petitions to ensure your rights are protected.
Schedule a consultation with our expert today.
The Two Major Types of Tenancy
The way individuals possess property generally falls into two categories: Joint tenants and tenants in common. The rules can vary by state.
Joint Tenants
Joint tenants own the property in equal shares, regardless of how much money each person contributed toward the purchase. For instance, two joint tenants each hold a one-half interest; three joint tenants each hold a one-third interest.
A critical feature of joint tenancy in many states is the right of survivorship. This means that if one owner passes away, their interest automatically transfers to the surviving owner, who then becomes the sole owner of the property.
Tenants in Common
Unlike joint tenants, tenants in common can own varied interests in a property. These interests are often based on the specific financial contribution each person made during the purchase. Typically, there is no right of survivorship; an owner’s share passes to their heirs rather than to the other co-owners.
Since these interests can be unequal, it is important to ensure the exact percentages are clearly stated on the property deed.
How Tenancy Affects a Partition Action
Whether you are joint tenants or tenants in common, you have the right to seek a partition in kind (physical division) or a partition by sale. Your tenancy type is the primary factor used to calculate the distribution of assets.
- Joint Tenant Partitions: Since interests are equal, property or sale proceeds are split as evenly as possible.
- Tenants in Common Partitions: Division is based on individual contributions. For example, a 25/75 split in purchase costs would result in a 25/75 split of the sale proceeds.
Navigating the Legal Process
Both types of partition involve complex procedures, including real estate closings, deed drafting, and precise financial accounting. Even with a mutual agreement, professional oversight is necessary to ensure a clean transfer.
Our legal team manages the technical requirements of shared ownership transitions to ensure your financial interests are fully protected during the transfer.
Secure Your Fair Share
Whether you are a joint tenant or a tenant in common, the division must acknowledge your legal rights and contributions.
Let PartitionAction.com handle the specifics of your tenancy so you get precisely what you are entitled to.
