How do I get my equity out of a co-owned property? Partition is your answer.

Florida residents have a straightforward option when resolving co-owned property.

There are many reasons why people end up co-owing property. It is often through inheritance or relationship, but when one party needs the money and the other wants to retain the property, it becomes a complex problem.

Our firm specializes in partition cases. We represent clients throughout lower Florida counties in prosecuting or defending claims on their co-owned homes and after handling dozens of partition cases, we will successfully help you decide what is best for your circumstance.

To help you decide your next steps, here are some straightforward answers to many questions our clients have asked us before successfully embarking on their partition lawsuit with our office.

• What if the co-owner is living on the property? Since all parties that own the real property are owners, one party, even if residing in the property, does not have a priority right to the property, and it can be sold to pay all owners their percentage interest.
• Can one owner buy out the other owner(s)? Yes, the parties can negotiate an agreement where one owner pays the other owner(s) for their portion of the real property.
• What is one owner paid more of the bills than the other owner(s)? The court will determine what amount fo credits from the sales proceeds are due to an owner who paid the other owner(s) portion of the property maintenance.
• Which maintenance bills can an owner recover from the other owner(s)? Mortgage payment, county property taxes, insurance, and repairs like air conditioning, roof or exterior painting.
• Which bills for the property cannot be recovered? Utilities, yard maintenance (if not an investment property), and wear and tear items.
• How long does a partition case take before a co-owner receives their money? On average, a partition lawsuit takes 6 to 9 months.
• How much does it cost to file a partition case? Each case is slightly different, so contact us today for a free private consultation to discuss your situation and agree on what it will cost you.

Please give us a call at (904) 310 – 5133 and let our friendly staff answer any questions you may have.