Experienced Partition Attorneys Serving Los Gatos
Talkov Law’s attorneys serving Santa Clara County are exceptionally experienced in the area of California partition actions. California partition actions provide a legal mechanism for co-owners of real property to divide the property among themselves. The partition statutes allow a co-owner to file a lawsuit in court to have the property divided, either physically or by awarding each co-owner a certain percentage of the property’s value. The court will then order the property to be divided according to the co-owners’ wishes. The partition statutes also provide that if the court finds that a physical division of the property is not possible, it may order the property to be sold and the proceeds divided among the co-owners.
Our team of partition attorneys can assist co-owners with frequently asked questions about partitions, such as:
- What are the tax implications of a partition action? It is best to seek the advice of a tax attorney or CPA about tax issues. However, the most common tax issues in partitions, like other sales, can involve capital gains taxes and the potential partial or full reassessment of property taxes.
- Are there methods to resolve a partition situation without a court-ordered sale? The vast majority of partitions are solved without a court-ordered sale. Many times, the defendant will buy out the plaintiff’s interest. Other times, the parties will agree to a voluntary sale on the open market. However, the filing of the partition action is generally what forces the defendant to see the wisdom of settlement. Under California’s Partition of Real Property Act, a defendant can buy out the interest of the plaintiff at an appraised value, meaning that a court-ordered sale is only likely occur where the defendant simply can’t afford to buy the property but still won’t agree to sell.
- How long will it take for the plaintiff to receive his or her share of the sales proceeds? Usually, the property is marketed for sale or purchased by the defendant in 3 to 6 months. If a referee is appointed, that may take 6 to 9 months. With proper drafting of an interlocutory judgment of partition by sale, the referee can be required to disburse the proceeds promptly at the close of escrow or shortly thereafter.
- Can a minority owner force the sale of a property? There is no requirement for a majority vote for partition. Rather, an co-owner of any interest in property can force the sale.
- How long does a partition action take in California?” Most partition actions are complete in 3 to 6 months because most cases settle in either a buyout or agreed sale. However, some cases can drag on for 6 to 12 months.
Speak to Our Los Gatos Partition Attorneys Today
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Partition Actions in Los Gatos
Partitions are quite common in Los Gatos. According to Zillow, the median home value in Los Gatos, California is $2,092,400 as of 2021. As of 2020, the population of the California area of Los Gatos is 33,890.
Los Gatos is a small town located in the San Francisco Bay Area of California. It is known for its quaint downtown area, which features a variety of shops, restaurants, and galleries. The town is also home to several wineries, and is a popular destination for wine tasting. Los Gatos is surrounded by beautiful redwood forests and is close to several state parks, making it a great spot for outdoor activities. The town is also home to several tech companies, including Netflix and Roku.
Solomon v. Redona – Partition Action Case Study
In the legal case of Solomon v. Redona, 52 Cal.App. 300 (1921), the issue of partition was at the center of the dispute. The case involved a dispute between two siblings over the partition of a piece of real estate that had been inherited from their father. The siblings had agreed to divide the property into two equal parts, but the plaintiff, Solomon, argued that the defendant, Redona, had failed to comply with the agreement and had taken more than her fair share of the property. The court found that Redona had indeed taken more than her fair share of the property and ordered her to pay damages to Solomon. The court also ordered the partition of the property in accordance with the agreement between the siblings.
Contact our Team of Experienced Partition Lawyers Serving the City of Los Gatos in the County of Santa Clara, California.
Our partition litigation attorneys will work diligently to obtain a favorable outcome on your behalf, whether by negotiation or litigation. Call the experienced real estate partition attorneys at Talkov Law at (408) 777-6800 or contact us online for a free consultation about your co-ownership issues.
Our partition attorneys in Los Gatos, California serve Santa Clara County and surrounding areas including San Jose, Campbell, Saratoga, Cupertino, Santa Clara, Los Altos, Mountain View.