Articles Tagged with co-owner

Underwood-Blog-Images-2-300x300American law has its roots in the laws of England. As such, many of the laws still on the books in the 21st Century depend on what English judges thought prior to our War for Independence began in 1776. Because our modern laws go back centuries since before the United States was a country, we should care about how our legal terms were originally understood as they may implicate a judge’s decision today. The most important of all the English Judges who influenced our modern laws were most likely Sir William Blackstone. 

Blackstone’s 1765 work, Commentaries on the Laws of England, is his most famous legal treatise, forming the backbone of common law analysis as modern lawyers understand it today. Without his efforts centuries ago, our conceptions of property, individual rights, and governmental authority would not be the same. His works remain cited even now in judicial decisions at all levels, including the Supreme Court of the United States. 

Blackstone’s comments on property law are particularly striking, for they bear the foundational ideas now found in our statutes governing real estate transactions, estate types, property rights, and ownership disputes. His analysis of tenancies in common and joint tenancy is so similar to our own California statutes that they warrant their own discussion. 

Underwood-Blog-Images-1-1-300x300Yes. When co-owners of property decide they want to go their separate ways but cannot come to an agreement on a buyout or reimbursements, they can institute a partition action and have the court system solve the problem for them. 

The presence of a life estate, however, substantially complicates this process. Additional evidentiary showings are required, and a partition might not even be available if the life estate owner fights the lawsuit. Thankfully, the Underwood Law Firm is more than familiar with partitions of all types and is here to assist property owners throughout the process. 

What is a life estate? 

Underwood-Blog-Images-300x300A “waste” claim is a means of recovering damages when a tenant on real property does substantial damage to the property itself. Most often, a waste claim arises when a person renting property causes damage while living there. But a waste claim isn’t restricted to landlords and tenants. It applies to nearly all situations where two or more people have some sort of interest in the common property.

On top of being their own cause of action that can be asserted in a lawsuit, waste claims can also potentially be raised in partition actions during the accounting stage. This allows property owners to approach the issue in the manner they see fit. Yet, understanding the contours of a waste claim is not as simple as it may seem. There are situations where damage to property is justified, meaning parties cannot always recover damages for the seemingly unjust actions of their co-owner(s).

In these situations, having an experienced real estate attorney at your side can make all the difference. The Underwood Law Firm encounters waste claims with regularity and is well-equipped with legal expertise to help guide those with property interests through this unique legal issue.

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The Uniform Partition of Heirs Act is a new law that changes the procedure for partitions. A partition action is a court-ordered process where a property owner forces a sale of jointly owned real estate. Essentially, a partition action exists to allow people who own real estate together to take their share of the equity and go their separate ways.

With the price of California’s real estate ever-increasing, the Legislature recognized the importance of keeping property within the family and decided to adopt and enact the Uniform Partition of Heirs Act.

The importance of inherited property cannot be understated. It is the key to advancing inter-generational wealth, allowing families to build off a stable foundation, free from the expensive and stressful process of buying property in California.

Underwood-Blog-Images-5-300x300General partnerships, and their “joint venture” cousins, are composed of partners seeking to make a profit in a business venture. But things don’t always work out. Often, a once promising endeavor breaks down due to mismanagement and miscommunication. In these situations, partners may feel the urge to get out with whatever equity they can. Usually, it isn’t that easy. 

The Revised Uniform Partnership Act allows for partners to dissociate from their partnerships whenever they want. Yet this withdrawal can sometimes cause serious damage, especially when the partner trying to leave was a major source of capital. For that reason, the California Corporations Code provides for penalties when the dissociation is “wrongful.” In the end, getting out of a partnership isn’t so much about doing it the “right” way as it is about avoiding the “wrong” way to dissociate.

What is a dissociation? 

Underwood-Blog-Images-1-2-300x300Just because a party prevails in a lawsuit does not mean the matter is over. Rarely discussed but crucially important is the fact that a judgment must be enforced once it is entered. This isn’t always easy. Losing parties don’t always want to cooperate, especially when they’re operating without an attorney. 

Sometimes, a party might “disappear,” ignoring all communications from the other side and the court. Other times, they might simply refuse to sign documents as ordered, convinced the court got it wrong. These actions can cost victorious parties thousands of extra dollars of their time and money. Thankfully, in these situations, litigants have a unique remedy to combat this behavior: an elisor. 

An elisor is a person appointed by the court to perform functions like the execution of a deed or document. (Blueberry Properties, LLC v. Chow (2014) 230 Cal.App.4th 1017, 1020.) They are most commonly utilized in cases where a party never shows up or where a party refuses, even under court order, to sign documents as required by the court. 

Underwood-Blog-Images-2-1-300x300A realtor should take the necessary legal steps to ensure that all real estate owners do so. When most people buy or sell property, they hire a real estate agent to assist with the process. While the concept of these agreements seems simple enough, these agreements can get complicated when the property in question is owned by more than one person. The Underwood Law Firm is familiar with these disputes and is in the ideal position to assist your dealings with real estate brokers. 

What is Needed for a Real Estate Listing Agreement to be Valid? 

California law provides that an agreement authorizing an agent, broker, or any other person to purchase or sell real estate is “invalid, unless [the agreement], or some note or memorandum thereof, are in writing and subscribed by the party to be charged or the party’s agent.” (Civ. Code § 1624(a)(4).) 

Underwood-Blog-Images-4-300x300When co-owners of property decide they want to go their separate ways but cannot come to an agreement on a buyout or reimbursements, they can institute a partition action and have the court system solve the problem.

While partition actions usually involve homes or commercial properties, they can also involve condominiums. Condos bring with them some additional complexities because condo owners generally own an interest in their individual units and the common areas of the condominium complex.

This dual ownership can pose problems because there are restrictions in place about what can and can’t be partitioned when condominiums are involved. Thankfully, the Underwood Law Firm is more than familiar with partitions of all types of property and is here to assist property owners throughout the process.

Underwood-Blog-Images-2-300x300Yes. Co-owners of property are entitled to certain rights, namely, the right to possess and use the property as they see fit. But sometimes, things do not work out with the other owners. 

Heirs to an estate can bicker, business relationships can fall through, and family dynamics can fall apart. This may result in a rightful owner of the property being ousted by the other(s). In these situations, finding the right real estate lawyer to assist in the process of recovering possession is crucial. The Underwood Law Firm, P.C. is familiar with these sensitive matters and has the legal acumen to help you recover possession of your property. 

Do cotenants each have a right to occupy their property?

Underwood-Blog-Images-3-300x300Joint tenancy is a special type of co-ownership recognized in California. It is commonly associated with married couples, ensuring that when one of them dies, their entire interest in the property passes to the other spouse. This is called the right of survivorship, and it is the defining trait of a joint tenancy.

The right of survivorship, however, can be an uncomfortable concept for co-owners, particularly when those owners are not related and are merely business partners. For that reason, co-owners can attempt to sever the joint tenancy to extinguish the right of survivorship. 

The Underwood Law Firm, P.C. is familiar with all types of cotenancies, including joint tenancies, and the various means of severing them under the law. 

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