If you purchased, inherited, and/or own Los Angeles County real estate with a family member, friend, former boyfriend/girlfriend, business partner, and the co-ownership relationship is no longer working, you have the absolute legal right to buy-out the other person and/or sell the property to:
(1) pay off any mortgages, liens, and property taxes,
(2) reimburse investments for down payments, mortgage payments, taxes, renovations, and repairs, and
(3) cash out each co-owner’s share of the net proceeds.
Co-ownership of real estate in California can become unfair, frustrating, and unhealthy when, for example, one co-owner is paying the mortgage while the other co-owner lives at the property without paying for anything. Or, if the property was inherited by multiple co-owners, the property may need to be sold to divide up the property value.
The legal term for this process of dividing co-owned property is called “partition.” To initiate a California partition case, the real estate partition attorney files a complaint in the county in which the property is located (usually Los Angeles County). Once the complaint is filed, a Notice of Lis Pendency is recorded as a lien against the property with the Los Angeles County Recorder. This notifies anyone interested in the property that a legal action is in process.
Each co-owner of real estate generally has an absolute right to have the real estate bought-out or sold, even if another owner is against partition. There is rarely a legal defense to a partition action, although accounting disputes are common. Co-owners may disagree about their respective financial contributions to property, the actual value of the property, or a fair buy-out amount. Every partition involves an accounting for owners to recover partition offsets for mortgage payments, property taxes, insurance, maintenance, and repairs or construction improvements. If one co-owner has been in possession or has retained the rental income, there will be an offset to recover the rental value of the property.
An appraisal will determine the value to establish a listing price for sale to divide the proceeds (after offset reimbursements). In most cases, a co-owner will make a settlement offer to the other co-owner to purchase their interest for an amount that is equivalent to what they would receive if the partition action resulted in a sale of the property. A buy-out settlement reduces the delay, transaction costs, and attorney fees of litigation. The co-owner who filed the successful partition lawsuit under C.C.P. 872.210 may also be entitled to reimbursement of attorney fees.
If it is time to divide co-owned real property, you may need a Los Angeles County Real Estate Partition attorney at Counts Law Firm to negotiate and/or litigate a buy-out or sale of the property.
A Los Angeles County quiet title attorney is needed in several common situations: 1) Quieting title to real property to a fraudulent transaction or deed; or 2) Quieting title in favor of an ex- or family member who was not on property title due to credit but was the intended beneficiary of the real property; or 3) Quieting title against an ex or family member who was on property title only for credit to obtain the purchase loan but had no actual financial contribution to the real property.
To initiate a California quiet title case, the real estate quiet title attorney at Counts Law Firm conducts a background report on the property and orders a formal title report from the title insurance company. Then, Counts Law Firm will file a court complaint in the county in which the property is located (usually Los Angeles County). Once the complaint is filed, a Notice of Lis Pendency is recorded as a lien against the property with the Los Angeles County Recorder. This notifies anyone interested in the property that a legal action is in process.
If it is time to correct disputed ownership of real property, you may need a Los Angeles County Real Estate Quiet Title attorney at Counts Law Firm to negotiate and/or litigate a deed change to the property.
Homeowner Association Disputes
Conditions, Covenants, and Restrictions (“CC&Rs”) are rights and obligations that automatically apply to homeowners in newer community developments. The purpose of a homeowner association is to increase property values and maintain aesthetics in home exteriors, landscaping, and common areas. The bylaws establish how the HOA board of directors and/or a professional management company will manage the HOA and collect dues. Los Angeles County real property owners have rights under California law and HOA agreements, including receiving documentation and information, and resolving your disputes through legal action outside the HOA, if necessary.
Often times there are disputes regarding access to documents, financial mismanagement, community improvements, alterations, and other violations. Disagreements and compliance issues with homeowners’ associations can cause a great deal of frustration, but we can offer you representation designed to help resolve the dispute as quickly and effectively as possible. Our Los Angeles County Real Estate Homeowner Association attorneys can interpret your community’s CC&Rs, and, argue enforcement or exemption from these rules. A Los Angeles County Real Estate HOA lawyer at Counts Law Firm provides common-sense advice and intelligent representation to both homeowners and HOA board members.
Call Today to Speak With a Co-Ownership Disputes Attorney
You need to protect your rights when dealing with a partner who wants to end the co-ownership relationship, and speaking with an experienced real estate attorney is essential to this process.
Call Counts Law Firm today at (626) 463-7300 or contact us online to schedule a free consultation with a real estate attorney.