Partition Flashcards
1
Q
Partition in Kind
A
Property is physically divided into pieces and given to each co-tenant as a separate property.
1
Q
Partition
A
Ends the co-ownership of property and divides the property between the co-owners.
2
Q
Partition in Kind general rule
A
in kind is favored over by partition by sale. In most states, property will be partitioned in kind unless it would create great prejudice for the other co-owners.
3
Q
Owelty
A
a monetary amount paid upon partition in kind to make it equal to the other party.
4
Q
Partition by Sale
A
property is sold by the court and the proceeds are divided according to the ownership shares of each co-tenant.
5
Q
Factors of Great Prejudice
A
- Location
- Size of the property
- Sentimental value (least important)
