An experienced real estate attorney resolves your property concerns efficiently and economically
If you own real estate with someone else and you disagree on what to do with the property, one of your options in Prince George’s County is to file an action for “sale in lieu of partition.” However, when you consult a knowledgeable real estate lawyer in the Law Office of Ralph W. Powers, Jr., P.C., we can explain the other courses of action available so you can work toward the best outcome for your situation.
What is a Sale in Lieu of Partition?
If you and your cousin inherited a bank account together, you could easily divide up the money and walk away. However, when you own real estate with another person, division is not a simple matter. Even when a piece of land can be partitioned into separate lots, it does not always make sense to do so. Often the value of the property will be diminished by division.
When two people who share ownership of real estate cannot agree to sell, come to terms on a buyout, or otherwise decide how to handle that property, one of the owners can ask the court for permission to sell the property instead of dividing it. That is, they ask for a sale instead of (in lieu of) a partition.
Legal Process in a Sale in Lieu of Partition
The process is overseen by the court, so there are specific steps involved that make the sale in lieu of partition more complicated than a traditional real estate transaction. The court must usually appoint a trustee or commissioners to assess the value of the property and manage the sale. Expenses are paid for from the proceeds of the sale.
Because of the added cost and conflict underlying a sale in lieu of partition, it is often a good idea to have a seasoned real estate lawyer work to see if it is possible to negotiate an agreement between the owners before filing a complaint in court.
Talk to a Complaint for Sale in Lieu of Partition Lawyer in Prince George’s County
Filing a complaint for sale in lieu of partition can be an effective means to settle a dispute over real estate. However, it is not the only option, and it may not always be the best option.
At the Law Office of Ralph W. Powers, Jr., P.C., we understand how to handle a sale in lieu of partition, but we are also prepared to work to resolve your property dispute through other means. We invite you to give us a call to review your situation and find out how we could assist.