When two people (or more people) co-own a house but cannot agree to divide or sell it, the Court must intervene.
Even if one of the two people does not want to sell the house, through the legal process of Partition Action, the Court can divide it through Partition by Sale. This means that the Court orders the house to be sold and the proceeds will be divided among the co-owners.
Of course, the cost will increase significantly for all procedures through the Court. Therefore, if there is a dispute, we should agree with each other before going through this Court process.
Having a Living Trust not only ensures control of the property, but the main goal of a Living Trust is to help us avoid the Probate process through the Court. The cost of probate can be from 5% -10% of the total value of our assets and can take up to 2-3 years for the Court to resolve.
VINH DOAN LAW OFFICE
Estate Planning | Taxation | Probate | Business
Vinh N. Doan, MSIM, J.D., LL.M. in Taxation
10971 Garden Grove Blvd., Suite G
Garden Grove, CA 92843
Cell:(714) 332-9700