A Creative Legal Approach To Co-Owner Disputes
Co-ownership of real estate is common among business partners, family and friends. By pooling resources, parties are able to invest in property they may not otherwise be able to afford, or they simply elect to share the rewards of owning real estate.
Disputes between co-owners occur, however, causing anger and frustration. In these situations, guidance from an experienced real estate litigation attorney is required.
The lawyers at The Stone-Siegel Law Firm in Santa Cruz, California, represent clients in a wide array of real estate matters, including disputes between couples, siblings, friends and business partners who co-own property.
A Solutions-Oriented Approach Customized To Your Needs
Co-ownership disputes arise over a number of disagreements, including:
- One party refuses to pay his or her share of the property expenses
- Disagreement regarding management decisions
- Disagreement over maintenance or major repair issues
- One party wants to sell the property or borrow against it
- Disagreement about the value of one co-owner’s share
It is always wise to establish a co-ownership agreement when a piece of property is purchased by more than one party. If such an agreement does not exist, California law states that the parties have certain rights and responsibilities regarding the property, including the right to force a sale.
Besides our extensive knowledge of California law regarding real estate matters, we bring a wealth of real estate mediation and arbitration experience to negotiations between disputing property owners.
It is our experience that it is preferable to resolve these matters without the cost and time required to litigate. Co-ownership disputes may be settled by agreeing to terms and continuing to own the property jointly, or through one owner buying the other owner’s share, or an agreement to sell the property. We will protect your interests and provide informed legal guidance throughout.
If the co-owners are unable to resolve a dispute, both parties’ rights and obligations can be determined in court. In a partition action, a co-owner requests that the court divide the property physically or, in cases where physical partition is impossible, force a sale of the property and divide the proceeds.