Partition of Real and Personal PropertyPartition of Real Property Act
Section § 874.311
Section § 874.312
This law section defines key terms used in a chapter dealing with property division. It clarifies that a 'determination of value' is a court order setting the property's fair market value or agreeing on a value with all co-owners. 'Partition by sale' refers to a court-ordered sale of property as a whole. 'Partition in kind' is when a property is divided into separate parcels. Lastly, 'record' is information that is recorded on a physical or digital medium and can be retrieved in a perceivable form.
Section § 874.313
If there's a legal action about dividing real estate that multiple owners share, the division must follow the procedures in this chapter unless all the owners formally agree to do it differently. This chapter adds to other related laws, but if there are conflicts, the rules in this chapter take priority.
Section § 874.314
This law explains that there are no restrictions on how a complaint can be served in a partition case. If someone initiates a partition lawsuit and wants to notify others through a public announcement, they must also put a clear sign on the property within 10 days after the court decides. This sign must stay up while the case continues and must mention that the case has started, the court's name and address, and how the property is commonly known. The court might also require that the sign includes details like the names of the people involved in the lawsuit.
Section § 874.315
Section § 874.316
This section outlines how the court should determine the fair market value of a property when multiple owners are involved. Generally, the court orders an appraisal by a neutral, licensed appraiser unless all owners agree on a value or another valuation method. If an appraisal's cost outweighs its usefulness, the court may decide on the property's value without it. Once an appraisal is completed, the court notifies all parties, who can object within 30 days. Regardless of objections, a hearing will be held to set the property's fair market value before moving forward with property division. The court also considers other evidence of value presented by the parties.
Section § 874.317
If someone who co-owns a property (a cotenant) wants the property to be sold, the court will inform the others. Those other cotenants can choose to buy the shares of those who want to sell. They have 45 days to make this choice. If only one cotenant decides to buy, the court notifies everyone. If multiple cotenants want to buy, they'll split it based on their current ownership shares. If no one chooses to buy, the process moves forward as if a sale is happening. Once decisions are made, the court sets a deadline (at least 60 days out) for buyers to pay. If payments are made, the court redistributes the ownership shares and handles the money accordingly. If not all buyers pay, others can step in to buy at set prices. Payments, shares, and any leftover funds get sorted by the court. Additionally, cotenants can ask the court to sell the shares of those who didn't participate in the legal process. The court will hold a hearing and set fair terms if this happens.
Section § 874.318
This section explains what happens when co-owners of a property, known as cotenants, can't agree on how to divide or sell their shared property. If some cotenants want the property to be physically divided, called partition in kind, the court will generally agree to this unless it would unfairly harm any cotenants as a group. The court might group the interests of those who want to combine their shares. If partition in kind isn't ordered, the court may decide to sell the property or dismiss the case. When partition in kind is used, some cotenants may have to pay others to ensure everyone gets their fair share. Moreover, shares for cotenants who can't be found or are under default judgment will still be accounted for by the court.
Section § 874.319
This law section outlines how a court decides if splitting a property into parts would unfairly harm all the co-owners. The court looks at several factors, including whether the property can be divided fairly, if selling the whole property is more valuable than dividing it, any historical ownership ties, sentimental attachment, current uses of the property, contributions to property expenses, and any other relevant issues. Each factor is considered in the context of all other circumstances, meaning no single factor alone will decide the outcome.
Section § 874.320
Section § 874.321
If a broker is selling property on the open market, they must submit a report to the court within seven days after receiving an offer that meets or exceeds a certain value. This report must include details like the property's description, each buyer's name, the offered price, sale terms, any owner financing, payments to lienholders, broker commission details, and other relevant sales information.
Section § 874.321
Section § 874.323
This law changes some parts of a federal law about electronic signatures, but it does not change certain sections or allow some notices to be sent electronically.