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What is Partition Agreement?

A partition agreement is a legal document that outlines the terms of an agreement between co-owners of real property (such as a house or land) to divide the property among themselves. The agreement is used when co-owners want to end their joint ownership of the property and divide the property so that each co-owner has a separate and distinct portion of the property.

What Conditions Should Be Included in a Partition Agreement?

A partition agreement should include several important conditions to ensure that the division of the property is fair and equitable for all co-owners involved. Some of the key conditions that may be included in a partition agreement are:

1. Property description: The agreement should include a detailed description of the property being divided, including any relevant legal descriptions or land survey information.
2. Co-owner's interests: The agreement should specify the percentage of ownership interest of each co-owner in the property.
3. Division of property: The agreement should specify how the property will be divided among the co-owners, including the specific portion of the property that each co-owner will receive.
4. Valuation of property: The agreement may specify how the value of the property will be determined, such as through an independent appraisal or other method agreed upon by the co-owners.
5. Payment of outstanding debts: The agreement should specify how any outstanding debts or liens on the property will be paid, and by whom.
6. Payment of costs: The agreement should specify how the costs associated with the division of the property will be paid, such as legal fees or survey costs.
7. Transfer of ownership: The agreement should specify the process for transferring ownership of the property to each co-owner, including any required documentation or filings.
8. Restrictions on use: The agreement may include any restrictions or limitations on the use of the property by each co-owner, such as zoning restrictions or environmental regulations.
9. Ongoing responsibilities: The agreement may specify any ongoing responsibilities or obligations related to the property, such as maintenance or taxes, and how those responsibilities will be divided among the co-owners.
10. Dispute resolution: The agreement may include a process for resolving disputes that may arise between the co-owners related to the division of the property.

Disclaimer 

Stamp duty from different states is subject to change as per the state policies from year to year. Please check the official publications before making decision. Agreement are very technical and legal documents. You can make changes to Draft as per your requirement.

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