Updated on February 7, 2018
At Schorr Law, our Los Angeles based partition attorneys have a great deal of experience litigating real estate partition matters. We commonly deal with these types of ownership disputes and strive to do them with the least transaction costs. For example, one thing we try to get the parties to agree upon either pre-interlocutory judgment or post-interlocutory judgment (the interlocutory judgment is the intermediate judgment ordering the property be sold) is to get the parties to agree to a partition by private sale through the use of a private broker. In other words, we try to get all parties involved to agree to sell the property privately as opposed to going through the court system with expensive referees, a courthouse steps sale and increased cost.
Here are key terms we try to get the parties to agree upon:
1. Partition will be by private sale and later approved by the court.
2. A broker. This can be the subject to dispute but they should be able to agree on an unbiased broker who seeks to maximize the value.
3. A minimum sale price.
4. How to deal with counter offers and sales price and terms negotiation.
5. What to do if the parties cannot agree on a key part of the private sale after the parties sign a listing agreement. Here, we typically reserve the right for any party to go back to court and ask for a referee. This gives the parties a “nuclear” option in the even the private sale does not go as planned.
At Schorr Law our real estate attorneys’ have successfully had partitions by private sales ordered in court and in binding arbitration. For help with your partition matter and to inquire about a free consultation regarding the same contact us at [email protected], (310) 954-1877 or by filling out the contact us box.
By Zachary D. Schorr, esq.
See related: 3 Factors to Consider When Deciding to Partition Real Property