Did you know that 64% of Americans own real estate? And when two or more people hold ownership of a property, it’s called joint ownership.

Joint ownership is common among married couples, business partners, and family members. This type of ownership can bring many benefits. This includes cost-sharing and equal decision-making power.

However, it can also lead to disputes and conflicts. This guide will discuss the legal options for resolving joint property ownership disputes. Continue reading to learn more.

Mediation

Mediation is usually the first step in resolving joint property ownership disputes. It involves a neutral third party, known as a mediator. They assist the parties in finding a mutually acceptable solution.

During mediation, both parties will have the opportunity to voice their concerns. They work together towards finding a resolution that benefits both parties.

Mediation is a less expensive and more collaborative option than going to court. It also allows the parties to maintain control over the outcome instead of leaving it in the hands of a judge.

Arbitration

In this process, both parties present their case to an arbitrator or a panel of arbitrators. The arbitrators will then make a final and binding decision on the dispute.

Arbitration is often used when the parties have a clause in their contract that requires them to settle disputes through this method. It can also be chosen as an alternative to litigation.

Litigation

If mediation and arbitration do not result in a resolution, then litigation is usually the next step. This is often seen as a last resort as it is more time-consuming and expensive.

Litigation involves filing a lawsuit with the court and having a judge make a decision. The parties will each present evidence and arguments to support their case.

The final decision will be made by the judge or a jury, depending on the type of case. This option should only be pursued if all other attempts at resolution have failed.

Partition Action

If the joint owners cannot agree on what to do with the property, they may seek a partition action. This involves asking the court to divide or sell the property so that each party receives their fair share.

This option is commonly used when one party wants to keep the property while the other wants to sell it. The court will typically appoint a partition referee to oversee the division or sale of the property.

Make sure to hire a partition lawyer to guide you through this process and protect your interests. You can check Underwood Law Firm, P.C. to help you find the right lawyer for your partition action.

Buyout

In some cases, one party may be willing to buy out the other’s share of the property. This means that one party pays the other their share of the property’s value and becomes the sole owner.

This option can be less contentious than going through a partition action or litigation. However, both parties must agree on the fair market value of the property.

Navigating Joint Property Ownership Disputes Effectively

Joint property ownership disputes can be complex and emotionally charged. It’s essential to explore all legal options before taking any action.

Mediation, arbitration, litigation, and partition actions are all viable solutions depending on the specific circumstances of the dispute. It’s always best to seek legal advice from a professional to determine the suitable option for your case.

Disclaimer: The content in this article is provided for general knowledge. It does not constitute legal advice, and readers should seek advice from qualified legal professionals regarding particular cases or situations.

Published by: Martin De Juan