When co-ownership disputes arise, parties often prefer to resolve the dispute outside of the courtroom, if possible, through buyout or other settlement agreements. In California, co-owners may modify their rights through written agreements, including their right to partition. Thus, co-ownership disputes are often resolved through buyout or settlement agreements The Right to Partition Co-owners...
Continue reading ›Yes. In certain cases, a party can end up owing money after a partition. Partition actions involve the division of property among co-owners, which can give rise to numerous financial costs of partition and may reveal a financial imbalance between co-owners. Understanding what your financial obligations are in co-ownership will help you better manage...
Continue reading ›A joint mortgage is a mortgage taken out by multiple people. Usually, a mortgage is secured on a property by the people who own it. However, with a joint mortgage that does not necessarily have to be the case. A joint mortgage may be held by someone who is not on the title for...
Continue reading ›Knowing what hidden costs might come up when selling property is important. California applies a transfer tax when property is sold for over one hundred dollars. However, this tax does not apply in all situations. Knowing when it does not apply can help you save on closing costs. What is a transfer tax? Under...
Continue reading ›Yes. Executors can withhold money from a beneficiary in certain circumstances, if withholding complies with applicable legal standards and fiduciary duties. Because executors are fiduciaries, executors must always act in the best interests of the estate and its beneficiaries and are bound by probate court orders and applicable laws governing estate administration. Failing to...
Continue reading ›Mediation plays a significant role in partition disputes by providing a voluntary, informal, and non-adversarial process aimed at helping disputing parties reach a mutually acceptable settlement agreement. In partition actions, mediation plays a crucial role in resolving disputes through a less adversarial and more cost-effective alternative to litigation. The mediation process allows co-owners to...
Continue reading ›Homesteads are a special kind of estate that California law protects from forced sale. Homestead protection is not, however, automatic. For a property to be a homestead it must be the dwelling place where the family permanently resides and the property must be formally designated as a homestead. When properly utilized, California’s homestead legislation...
Continue reading ›The Subdivision Map Act is a state law governing the division of land for sale, lease, or financing purposes. Under its authority, California’s local agencies regulate and control the design and improvement of subdivisions, to ensure that new developments are consistent with community needs and goals, while simultaneously preventing fraud, protecting purchases, and ensuring...
Continue reading ›In California, 50% co-owners hold significant rights and responsibilities under state law. As a rule, co-owners have an equal ownership right in shared property, including the right to use and enjoy the entire property and the right to partition the property, regardless of the percentage of ownership. Co-owners also share the property’s financial obligations,...
Continue reading ›Property disputes may necessitate division, like a partition action. If you think you may have the basis for a partition lawsuit, you should reach out to a lawyer or law firm who specializes in real estate division like Underwood Law, PC. We can help you figure out what options are available for dividing your...
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