Real estate disputes between property co-owners can be difficult to resolve without skilled legal guidance. Emotions can heighten the stress of a situation, especially if one person wants to sell and another does not. In Florida, when co-owners cannot agree on what should be done with their property, one option is a partition action. A partition action is a legal process where the Court supervises what happens with the property, whether a sale or division.
Meet with a partition action attorney at Jacqueline A. Salcines, P.A. to discuss Coral Gables partition action resolution options if you are in the midst of a dispute. Don’t go it alone – experienced legal counsel could protect your rights throughout the process and advocate for the best possible outcome.
What Is a Partition Action?
A partition action is one option to resolve disputes between multiple property owners in Coral Gables. Typically, it is utilized when co-owners cannot come to an agreement. In order to file a partition lawsuit in the state, the person bringing the action must share joint possession of the property, as established in Florida Statutes § 64.031. This means that the next of kin to a person who had joint possession of real estate would not be able to file a partition lawsuit against a joint owner.
How Are Partition Actions Resolved?
You have multiple options available for resolving partition actions. Alternative solutions, like mediation or negotiating settlements, offer a low-cost and efficient resolution. In these cases, the parties come to an agreement without the need for litigation, which can be time-consuming and costly. However, partition actions are typically resolved through litigation.
The dispute could also be resolved through a buyout, where one party purchases the other’s financial interest. A buyout is a great option when one party has the money to buy the other out and wishes to do so. An attorney could help craft an agreement with reasonable buyout terms so the payment structure is not too much of a financial burden.
Another option is refinancing. With refinancing, the remaining owner gets a new mortgage on the house that includes the funds necessary to buy out the co-owner.
If you are unable to reach an agreement with the other co-owner, a Coral Gables lawyer could explain your options for partition action resolution.
Understanding Tax Considerations
Partition actions have significant tax consequences like any real estate or business transaction, particularly for the party selling. If a property is sold for more than the original purchase price, capital gains tax applies. Understanding capital gains and other tax implications with the help of our lawyer and accountant, Jacqueline A. Salcines, could help co-owners determine how to resolve the dispute. She could help you take advantage of tax benefits and work with you to determine the best partition action resolution option for your case in Coral Gables.
Learn More About Your Partition Action Resolution Options in Coral Gables – Retain an Attorney Today
While partition actions can be complicated, they are necessary when property co-owners cannot agree on something related to their property. If you are facing a difficult dispute regarding the property that you own with another person, reach out to our team about Coral Gables partition action resolution options. Jacqueline A. Salcines is knowledgeable about real estate law and experienced in handling partition actions.
A partition action could be the right resolution for you, whether you are looking to buy out a co-owner, negotiate a fair settlement, or simply understand the tax implications of a real estate sale. With a background in accounting, Jacqueline A. Salcines could advise you on each step of the partition action process as well as the tax consequences that may apply. Schedule a consultation today.