There are times when owners of Georgia property simply cannot agree on what needs to be done. One may want to hold, while the other may want to sell. The problem is when they own the property jointly. They may need to file a partition action to decide how to deal with their ownership interests.
Rising property values make disagreements more frequent
This is even more of an issue in this red-hot real estate market with rising prices. More than ever, owners may be at a disagreement over how to proceed with their investments. If they cannot get on the same page, they will approach the court with a partition lawsuit, with the understanding that something must be done to break the impasse. Ultimately, this puts the dispute in the hands of the court.
What a court may do
There are several options available to the court. One is to order a sale of the property and divide the proceeds between the owners. If the property is divisible, they may award percentages to each owner, allowing them to continue with their ownership. However, this does not always work when the real property already has buildings or other improvements. The court could also order one partner to buy the other out, although this is uncommon. Georgia has its own law about how real estate partition actions work that will govern the case. While you should make every effort to avoid this, there are times when this is absolutely necessary.
Partition actions can have high stakes, especially when the property is worth a lot of money. You need advice from an attorney with a strong background in real estate law to learn more about your rights. Your lawyer could also help you resolve your difference with the other owners to make a partition action unnecessary.