Understanding Co-Ownership in Orange County
Our team of partition attorneys in Orange can assist co-owners with frequently asked questions about partitions, such as:
- How long will it take for the plaintiff to receive his or her share of the sales proceeds? Usually, the property is marketed for sale or purchased by the defendant in 3 to 6 months. If a referee is appointed, that may take 6 to 9 months. With proper drafting of an interlocutory judgment of partition by sale, the referee can be required to disburse the proceeds promptly at the close of escrow or shortly thereafter.
- What type of relief can be granted by the court in a partition action? A partition action generally involves the sale or division of the property, along with an accounting of offsets.
- How to force the sale of jointly owned property? A partition action is the only statutory method to ensure the end of the co-ownership dispute.
- Can you lose interest in a jointly owned home by moving out? Generally, co-owners maintain their ownership interests regardless of whether they live at the property. However, in rare cases, leaving the property for many years without paying taxes or other expenses may allow the co-owners in possession to argue that they have adversely possessed the property. Generally, these co-ownership disputes do not get easier with time, so it is important to act promptly.
- What are the tax implications of a partition action? It is best to seek the advice of a tax attorney or CPA about tax issues. However, the most common tax issues in partitions, like other sales, can involve capital gains taxes and the potential partial or full reassessment of property taxes.
Our Villa Park Partition Attorneys Know Orange County
Villa Park is a city located in Orange County, California. It is a small, residential community with a population of just over 5,000 people. The city is known for its quiet, suburban atmosphere and its proximity to larger cities such as Anaheim and Irvine. The city is home to several parks, including the Villa Park Community Park, which features a playground, picnic areas, and a walking path. The city also has a variety of restaurants, shops, and other amenities.
Villa Park, California is a small city located in Orange County. It is known for its beautiful homes and lush landscaping. The real estate in Villa Park is primarily single-family homes, with some townhomes and condominiums. The majority of homes are single-story ranch-style homes, with some two-story homes and a few custom-built homes. The median home price in Villa Park is around $1.2 million. The city also has some commercial real estate, including office buildings, retail stores, and restaurants.
O’Reilly v. O’Reilly – Partition Action Case Study
In the legal case of O’Reilly v. O’Reilly, 2017 WL 4510824, B281375 (10-Oct-2017) , the partition issues revolved around the division of a parcel of real property owned by the parties. The parties had purchased the property together in 2005, but had since separated and were now seeking to divide the property. The court found that the parties had not agreed to a partition of the property, and thus the court was required to determine the appropriate division of the property. The court considered the parties’ respective interests in the property, the value of the property, and the parties’ respective contributions to the purchase of the property. Ultimately, the court determined that the property should be divided in a manner that was equitable to both parties.
Contact an Experienced Partition Attorney in Villa Park, California
If you want to end your co-ownership relationship, but your co-owner won’t agree, a partition action is your only option. Our experienced partition lawyers serving Villa Park have years of experience ending co-ownership disputes in California and can help you unlock the equity in your Orange County property. For a free, 15-minute consultation with a knowledgeable partition attorney at Partition Lawyer California, call (714) 888-7700 or fill out a contact form online.
Contact us Today for a Free Consultation with a Partition Attorney in Villa Park, California
Our partition attorneys in Villa Park also serve Orange, Anaheim, Tustin, Santa Ana, Irvine, Garden Grove, and Fullerton
