64 percent of Americans own real estate. Many of those are single owners, but some are co-owners.
Joint property ownership can be a smart way to build wealth and pass assets on to family members – but joint ownership can also create headaches.
When you have a real estate dispute with a co-owner, it’s important to understand how to resolve it. It’s also important to know your rights and responsibilities.
If you are wondering how to come to a resolution with joint property ownership disputes, this short and simple guide is for you.
Review the Written Agreement
The written agreement is the best way to understand what you and your co-owner can and can’t do.
It includes information about how you can use the property, how much you pay for expenses, and how you can resolve a property dispute. The agreement will also list the rules that you must follow.
If you and your co-owner can’t agree on what to do next, the written agreement should help.
Research Applicable Laws
The laws of your state may have specific rules about how to handle joint property ownership disputes. If so, review the laws and see if they apply to your situation.
If not, you may have to rely on common law.
Common law is a general set of legal principles that applies in most states. It is based on court cases that have been decided over many years.
Talk to Your Partner
Sometimes settling disputes is as simple as talking to your co-owner.
Be clear about your expectations and listen carefully to your co-owner’s concerns. Consider your partner’s point of view and try to come up with solutions that both parties can live with.
If you agree, write your agreement, sign it, and date it.
Use Mediation Services
Mediation is a way to resolve conflicts without going to court.
You and your partner agree on a mediator who helps you find common ground and work out a solution. Mediation can be less costly, faster than going to court, and resolve many types of conflicts.
The mediator doesn’t make the final decision but helps both sides come to an agreement that they can live with.
Hire a Partition Attorney
If you and your partner still can’t agree, hire a partition attorney.
San Francisco partition lawyers can help you navigate the legal system and make sure you get a fair result. The attorney will also help you file paperwork, review any potential issues with your case, and advise you on how to proceed.
Partition attorneys can be expensive, but they’re worth the money if you have an excellent case.
This Is How to Manage Joint Property Ownership Disputes
Handling joint property ownership disputes is a complicated and emotional process.
If you’re dealing with a disagreement between co-owners, it’s important to solve it as soon as possible. The longer you wait, the more damage it can cause to your relationship with your partner.
For more on real estate, check out the latest articles on our blog.