A Petition to Partition is a mechanism by which a co-owner of a piece of real estate can petition to court requesting that the other co-owner(s) either buy-out their equity, divide the property, or to have the property sold and the net sale proceeds distributed to the owners.
This process is usually commenced if parties are unable to reach an agreement on their own regarding the dissolution of their joint ownership. With the court’s assistance, or through counsel, there are times that parties can reach a stipulation regarding the sale of the property, after a petition has been filed. If not, the court will appoint a Commissioner to handle the sale of the real estate.