Dividing Interest in Real Estate in San Diego – Partition Action

aboutbanner

During the past economic recession, and in many business relationships parties go together to acquire real estate for a variety of purposes, and when situations change a “partition action” is needed to separate the interests of the owners and remove them from titled ownership.  Let’s use the example of two businesses who will share a commercial building.  They two companies purchase the underlying commercial real estate, dividing the interest and control equally between them.  What happens if one of the business owners becomes ill, or if one business succeeds and the other fails?  What if one party to the transaction doesn’t like how the property is being used?  What happens if one of the owners is ready to cash out and retire?

Business and personal relationships can become troubled for many reasons, and when real property is involved a partition action is an effective tool for dividing the property equally between the parties.  This provides a legal mechanism for the ownership interest to be bought out, sold or eliminated.  Partition actions are quite legally complex, and it is important to work with experienced San Diego real estate attorneys who can provide the deep expertise required to protect your interests in a cost-effective and efficient manner while resolving the property issue at hand.

If you are involved in a transaction or real estate project that has developed challenges, or where one of the owners wishes to move on we invite you to contact the Watkins Firm for a free and substantive consultation at 858-535-1511.