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A partition is a term used in the law of real property to describe an act, by a court order or otherwise, to divide up a concurrent estate into separate portions representing the proportionate interests of the owners of property. [1]
Tenancy in common (TIC) is a form of concurrent estate in which each owner, referred to as a tenant in common, is regarded by the law as owning separate and distinct shares of the same property. By default, all co-owners own equal shares, but their interests may differ in size.
Partition by sale is a court remedy used when a parcel of land cannot be physically divided, and the proceeds for the sale are distributed proportionally among the cotenants. [7] Cotenants can request another remedy, partition in kind, which would split the property into parcels proportionate to the shares each cotenant has. [ 3 ]
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Equitable conversion is a doctrine of the law of real property under which a purchaser of real property becomes the equitable owner of title to the property at the time he/she signs a contract binding him/her to purchase the land at a later date.
Petland estimates that within that same timeframe, Petland has rehomed 51,000 puppies and that the 36 complaints represent 0.07% of all puppies sold within those five years, she said.
Under the common law such restraints are void as against the public policy of allowing landowners to freely dispose of their property. Perhaps the ultimate restraint on alienation was the fee tail , a form of ownership which required that property be passed down in the same family from generation to generation, which has also been widely abolished.
The bundle of rights is a metaphor to explain the complexities of property ownership. [1] Law school professors of introductory property law courses frequently use this conceptualization to describe "full" property ownership as a partition of various entitlements of different stakeholders.