California Code of Civil Procedure 874.321 is the California partition statute that describes what details of the sale of the property are required to be submitted to the court under the California Partition of Real Property Act. The statute provides that:
(a) A broker appointed to offer property for open-market sale shall file a report with the court not later than seven days after receiving an offer to purchase the property for at least the value determined under Section 874.316 or 874.320.
(b) The report required by subdivision (a) shall contain the following information:
(1) A description of the property to be sold to each buyer.
(2) The name of each buyer.
(3) The proposed purchase price.
(4) The terms and conditions of the proposed sale, including the terms of any owner financing.
(5) The amounts to be paid to lienholders.
(6) A statement of contractual or other arrangements or conditions of the broker’s commission.
(7) Other material facts relevant to the sale.
Partition of Real Property Act
- California Partition of Real Property Act Statutes
- CCP § 874.311. Short Title; Application of Act
- CCP § 874.312. Definitions
- CCP § 874.313. Applicability; Relation to Other Laws
- CCP § 874.314. Method of Service; Notice by Publication
- CCP § 874.315. Referees
- CCP § 874.316. Determination of Fair Market Value; Notice
- CCP § 874.317. Cotenant Buyout of Interests
- CCP § 874.318. Partition Alternatives
- CCP § 874.319. Considerations for Partition in Kind
- CCP § 874.320. Court Ordered Open-Market Sale; Sealed Bids; Auction
- CCP § 874.321. Filing Report for Open-Market Sales
- CCP § 874.321.5. Apportionment of the Costs of Partition
- CCP § 874.322. Repealed by Stats.2022, c. 82 (A.B.2245), § 12
- CCP § 874.323. Supersedes the Electronic Signatures in Global and National Commerce Act
Report must be submitted by referee
Once the Realtor/broker who has been hired by the partition referee to sell the property has found a buyer, the Realtor/broker is required to submit a report with the court containing pertinent information about the property and sales facts.
Talkov Law's Partition Attorneys Can Help
If you want to end your co-ownership relationship, but your co-owner won’t agree, a partition action is your only option. With six, full time partition lawyers, Talkov Law is the #1 partition law firm in California and has handled 250 partition actions throughout California. Every case has resulted in a sale to either a third party or one of the co-owners. Not a single court has denied our clients the right to partition or declared our client to be a non-owner. Plus, for qualified cases, there is no fee until we settle or win your case!
If you're looking to end your co-ownership dispute, contact California's premier partition action law firm by calling Talkov Law at (844) 4-TALKOV (825568) or sending us a message today.
