For instance, what happens if one of you wants to sell, but the other wants to keep the property?
Chapter 64 of the Florida Statutes allows parties who own real property along with others to force not only the division of that real property but also the sale of it. This is called partition. In a partition action, the joint owners request judicial intervention to determine the best way to dispose of the joint property and to supervise the disposition process.
Any joint owner of the property, other than husband and wife who own the property as tenants by the entireties, may file an action for partition. The defendants to the action are the remaining property owners.
Once a joint owner files an action for partition, the Court decides whether to physically divide the property, if feasible, and give each owner a portion, or sell the property and divide the proceeds amongst the joint owners.
If the Court orders a sale, the sale is held through the Clerk’s office via an online auction. The ultimate sale price equals the highest bid at auction. For this reason, it is often the case that the property owners receive a lower sale price than if they sold the property at private sale.
Once a Court-ordered sale has occurred, the Court then determines how to divide the proceeds. The proceeds are first applied to any outstanding liens encumbering the property. The Court then considers each party’s financial contribution to the property to determine if one party is owed more than the other based on those contributions. After disbursements for liens and contributions, any balance of the sale proceeds are distributed equally to the joint owners.
Legal fees for partition actions can add up quickly. Florida law provides that each party must pay his or her share of attorney fees and costs. It is only if there are exigent circumstances that a Court may order the losing party to pay the prevailing party’s legal fees and costs.
Due to the potential for hefty legal fees as well as a reduced sale price at Court-ordered auction, the prudent path is to avoid partition if possible.
Attorney Jennifer Codding is experienced in handling Florida partition actions. If you think you might be in need of a partition action, contact Attorney Codding at 727-897-8686 to schedule an appointment.
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