It can be challenging to co-own real property, especially when there is a disagreement on whether to sell or keep the property. A partition action to force the sale of property may be necessary if co-owners cannot come to an agreement. The concept of a forced sale can be troublesome to certain co-owners, especially if it was inherited from family members. Florida adopted the Uniform Partition of Heirs Property Act to address the issues many heirs face involving inherited property. This act establishes a different partition procedure for such property, granting heirs additional protection to preserve their family property. To help prevent the loss of family property through forced sales at undervalued prices, this act requires certain valuation methods as well as the opportunity to purchase the interests of the other co-owners.
Heirs property is defined as real property held in tenancy in common which satisfies the following requirements: (1) there is no agreement in a record binding all of the cotenants which governs the partition; (b) one or more of the cotenants acquired title from a relative; and (3) twenty percent or more of the cotenants are relatives or twenty percent or more of the interest is held by or inherited from a relative. If the court determines that the property sought to be partitioned is heirs property, it must be partitioned under the Uniform Partition of Heirs Property Act, unless all the cotenants agree otherwise.
If the property subject to the partition action is heirs property, the court shall determine the fair market value. If the cotenants cannot agree to the value or a valuation method, the fair market value will be determined by an appointed disinterested real estate appraiser. Notice of the appraisal value will then be sent to each cotenant who has the right to object to the valuation. Regardless of whether an objection is made, the court will also conduct a hearing to determine the fair market value, taking into account the appraisal value and other evidence that is deemed relevant. Upon request, the court will also determine an equitable division of the sale proceeds.
Once the value of the property is determined, the cotenants are provided the right to buy out the other cotenants interest. If a cotenant elects to purchase the interest, they must notify the court within 45 days of notice of such right. If the interest of the cotenant who requested partition for sale is not purchased, the court will proceed with the partition of the property.
The Florida Uniform Partition of Heirs Property Acts is a valuable procedure to resolve disputes involving inherited property. If you are facing disagreements with your co-owners, it is important to seek legal counsel to ensure your rights and interests are protected. With years of experience partition cases, the Rice Law Firm is well-equipped to provide knowledgeable counsel in these matters and other legal concerns you may have. If you would like to consult with an attorney on these issues and other legal matters, please give us a call at 386-257-1222.
