Kiritsis & Associates
Kiritsis Law Group 212 922 0005
By: John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M
Generally, it refers to first division of land, among former and all current co-owners. Usually a partition, could only apply to concurrent estate, and it is initiated by either statute and/or being the result of a court order. This is the reason that petitions are often called forced sales. A partition may create and/or include a carve out. A carve out, refers to a situation, where a property owner or several owners joint together, to have their piece of land portioned (carved out). A deed poll is often needed, in many jurisdictions to have a carve out. Technically, a deed poll is not a contract, because it is binding on only one party. Depending on the jurisdiction and local legal customs, a partition maybe manifested in a number of ways, such as: 1) A partition by sale, where property is sold and the remaining proceeds being distributed to owners; 2) A partition by kind, where property is physically divided and distributed to owners , and; 3) A partition by allotment, where the property is given to certain parties and the other parties receive/give money.
Law Offices of Kiritsis & Associates
Phone # 212 922 0005
Manhattan Office (Main Office):
633 Third Avenue
New York, NY 10017
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