Updated on May 16, 2023
Can’t afford a partition action but need to figure out a way to sell your interest in the property you inherited or co-own? Keep reading to find out what you can potentially do when you are considering a partition action but can’t afford it.
Have you ever heard the expression of being house rich but cash poor? This often results of a long history of owning the property, being gifted property, inheriting property or simply a change in life circumstances. When people are house rich and cash poor, they sometimes desire to sell their property to liquidate it so they can have the money to go about their life.
But, what happens when you want to sell but you co-own the property with someone who does not want to sell? In that situation, where the parties cannot come to an agreement to sell, one party may try to force a sale through a court ordered sale – otherwise known as a partition action.
Filing a partition action, however, does not immediately solve the cash poor problem. This is true because it is very difficult for an individual to navigate a partition action without a lawyer. Likewise, if you own the property through an entity, the entity must have a licensed lawyer represent it. Retaining a lawyer typically involves paying the lawyer’s hourly fees.
In this situation, the property owner has a few options (amongst others) to consider:
To discuss your partition matter and creative ways to deal with the all too common cash poor but property rich scenario, please do not hesitate to contact our Partition Dispute Attorney in Los Angeles today. You can call us directly at (310) 954-1877, text us at (310) 706-2265, or send us a message here.