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Thread: Partition Sale

  1. #1
    rcb863 is offline Junior Member
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    Partition Sale

    What is the name of your state?
    Florida
    Another party gained 50% ownership of Life Estate property as the result of a bankruptcy.
    Can the other party force a Partition sale even though the Remainderman does not agree?
  2. #2
    BelizeBreeze is offline Senior Member
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    While the new 1/2 owner can sell his/her interest in the property, the Life Estate remains.
  3. #3
    rcb863 is offline Junior Member
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    Partition Sale

    But can the other party request a Court - ordered sale of all the property?
  4. #4
    Florid-aise is offline Member
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    rcb863, that is what a Partition suit does. It is a forced sale. Either owner can bring it. Remember the conditions placed upon a life estate. The life estate can be abandoned.
  5. #5
    rcb863 is offline Junior Member
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    Partition sale

    Now we have two opinions,

    One says that 1/2 could be sold, with the Life Estate intact.

    The other says the whole property could be sold. Life Estate abandoned.

    Do we have a tie-breaker?
  6. #6
    nextwife is offline Senior Member
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    Depending upon the Life Estate language, one cannot necessarilly FORCE the life estate holder to abandon their interest. They may, however, do so voluntarily IF they so desire. And while the whole property may be sold, if would have to be purchased SUBJECT TO the life estate terms.
    Last edited by nextwife; 01-30-2005 at 06:00 PM.
  7. #7
    rcb863 is offline Junior Member
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    There are two remaindermen
    One RM does not want to sell at this time because the other RM and the Life Tenant are trying to demand a large payment to buy-out the Life Tenant's interest. (they are related)

    Ordinarily, all parties have to agree to sell a Life Estate.

    Does a Partition suit over-rule a Life Estate?

    Who decides how much the Life Tenant receives?
  8. #8
    Florid-aise is offline Member
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    Quote Originally Posted by rcb863
    There are two remaindermen
    One RM does not want to sell at this time because the other RM and the Life Tenant are trying to demand a large payment to buy-out the Life Tenant's interest. (they are related)

    Ordinarily, all parties have to agree to sell a Life Estate.

    Does a Partition suit over-rule a Life Estate?

    Who decides how much the Life Tenant receives?
    Please take notice of just how nexie says the life estate can be abandoned. This is what I was referring to previously. (nextwife has an uncanny knack for divulging sound recommendations.)

    It has always been my understanding that the Life Estate Tenant was living on and/or experiencing the entire share the Tenant is entitled to, by being provided in full and in advance, a Life Estate.
  9. #9
    rcb863 is offline Junior Member
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    The questions still remain;

    Can the Courts force a Partition sale on a Life Estate property,

    even though all parties disagree and two of the three parties are trying to extort

    a large payment from the third party.

    Would the Court decide the worth of the Life Estate?

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