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Expert: Emma-Lisa Raffo Date: 5/23/2007 Subject: partition of property
Question My husband and I helped our friends 2 years ago and they us. They were losing there place and we were renters so we jumped on board, they have owned the property for about 18 years, things are not working well and they are not being financially wise. How does partition work for us? thanx joe
Answer Joe,
The answer to this question lies in the status of your interest in the property... were you and your husband registered on the title of the property or did you make some other legal or private arrangement to help with the mortgage in exchange for an interest or percentage?
In Canada (BC where I am an agent) parties who purchase an interest in land become what is legally known as 'joint tenants' each with and 'equal undivided interest in land'. In order to become joint tenants, all of you must acquire your interest at the same time. This is typically achieved by purchasing the property or interest in land at the same time and all being registered on title. However, after the fact, one can also be registered at the land titles office through the assistance of a lawyer.
If this was the case for your situation, it is important to note that a joint tenancy can only be terminated in one of three ways...
- severance by operation of law
- partition by mutual agreement of the joint tenants
- partition by court order under the Partition of Property Act.
If you and your husband made some other arrangement other than through a lawyer, you will need to track and prove your investment in the property, confirm its value as a result and have a lawyer sever your interests. You should each be advised to seek your own independent lawyer (one for you/husband and the other couple).
