Partition sale

[rwhelan]

What is the name of your state? Ca

 

[zddoodah]

Congratulations. Do you have a question relating to California law?

 

[rwhelan]

I have been served with a partition sale, if I do not respond ( Im not going to fight it) do I lose my % of the money for my % of ownership, when it is sold.

 

[quincy]

I have been served with a partition sale, if I do not respond ( Im not going to fight it) do I lose my % of the money for my % of ownership, when it is sold.

You don’t lose your percentage but you could (probably will) lose the value of that percentage.

 

[Taxing Matters]

I have been served with a partition sale, if I do not respond ( Im not going to fight it) do I lose my % of the money for my % of ownership, when it is sold.

A partition sale divides up the property (if that's possible) or orders the sale of the property and divides the cash. That's done based on each owner's respective interest in the property. Thus, as quincy says, you won't lose your percent interest in the property if it is sold in a partition sale. The problem is that in court ordered sales the winning bids are typically significantly less than the market value of the home. If it's going to end up being sold in a partition the owners would do better to put whatever dispute they have aside and have a regular sale of the property and divide the cash. There will be more cash to go around that way.

 

[quincy]

A duplicate thread has been reported for moderator review: https://forum.freeadvice.com/threads/partition-sale.663251/

 

[adjusterjack]

I have been served with a partition sale, if I do not respond ( Im not going to fight it) do I lose my % of the money for my % of ownership, when it is sold.

If you aren't going to fight it why did you disagree (if that's what you did) with selling it in the first place?

 

[quincy]

If you aren't going to fight it why did you disagree (if that's what you did) with selling it in the first place?

See the other (reported) thread (which should be added to this one eventually). The property is owned by 11 people, 2 different families. Any one of those 11 could have objected to selling.

 

[Just Blue]

To clarify a bit:



rwhelan
New member
Today at 1:39 PM

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• #1

What is the name of your state? California
If I don't respond to a partition sale (I'm not going to fight it) do I lose any part of my % of the money for the sale, I own 1/6th of 50%. the property is owned by 2 familys 50% each (11 people, 5 in one family and 6 in the other) and is located in Clear Lake Ca.

 

[quincy]

To clarify a bit:



rwhelan
New member
Today at 1:39 PM

• Add bookmark
• #1

What is the name of your state? California
If I don't respond to a partition sale (I'm not going to fight it) do I lose any part of my % of the money for the sale, I own 1/6th of 50%. the property is owned by 2 familys 50% each (11 people, 5 in one family and 6 in the other) and is located in Clear Lake Ca.

That helps. It might take awhile for the other thread to be added here.

 

[Litigator22]

A partition sale divides up the property (if that's possible) or orders the sale of the property and divides the cash. That's done based on each owner's respective interest in the property. Thus, as quincy says, you won't lose your percent interest in the property if it is sold in a partition sale. The problem is that in court ordered sales the winning bids are typically significantly less than the market value of the home. If it's going to end up being sold in a partition the owners would do better to put whatever dispute they have aside and have a regular sale of the property and divide the cash. There will be more cash to go around that way.

Pardon me for calling attention to the inaccuracy of your response. It is not entirely in conformity with California law and hence misleading.

It is true that property sold via an action of partition can be ordered sold to the highest bidder at a public auction. However, in Californian (unlike some states) when it appears to the court that a private sale will be more beneficial to the parties the court has the option of directing the referee to dispose of it (or part of it) by private sale.

The real problem rests with the excessive costs of such a procedure (referee's fees, attorney fees, appraisal fees, etc.,) all of which must be borne proportionately by the respective and often hapless co-owners. Consequently, the act of compelling sale by court order should be the last resort. And perhaps with so many vested owners it was the only option. Often it is difficult get two owners to agree on selling termsand here we have several.
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[*] Section 873.520 California Code of Civil Procedure - Part 2 of Civil Actions - Title 10.5 Partition of Real and Personal Property

 

[Taxing Matters]

Pardon me for calling attention to the inaccuracy of your response. It is not entirely in conformity with California law and hence misleading.

I would say my answer was incomplete rather than inaccurate. In any event, I certainly appreciate you providing the additional information for the OP. The purpose here is to give people some general information on the situation they have, and your information provides more for the OP to consider.

 

[quincy]

However the property is sold - through a court-ordered auction or through a private or open market sale - the percentage of ownership for each of the eleven interest-holders does not change.

 

[Litigator22]

However the property is sold - through a court-ordered auction or through a private or open market sale - the percentage of ownership for each of the eleven interest-holders does not change.

REALLY? . . .

 

[Zigner]

REALLY? . . .

I believe so. Pre-sale, the percentage is whatever the percentage is. Post-sale, it's zero.
(Assuming, of course, that one or more of the current owners aren't also one of the buyers.)