California Code of Civil Procedure 874.321 is the California partition statute that describes what details of the sale of the property are required to be submitted to the court under the California Partition of Real Property Act. The statute provides that:
(a) A broker appointed to offer property for open-market sale shall file a report with the court not later than seven days after receiving an offer to purchase the property for at least the value determined under Section 874.316 or 874.320.
(b) The report required by subdivision (a) shall contain the following information:
(1) A description of the property to be sold to each buyer.
(2) The name of each buyer.
(3) The proposed purchase price.
(4) The terms and conditions of the proposed sale, including the terms of any owner financing.
(5) The amounts to be paid to lienholders.
(6) A statement of contractual or other arrangements or conditions of the broker’s commission.
(7) Other material facts relevant to the sale.
Once the Realtor/broker who has been hired by the partition referee to sell the property has found a buyer, the Realtor/broker is required to submit a report with the court containing pertinent information about the property and sales facts.
Contact an Experienced Partition Attorney in California
If you want to end your co-ownership relationship, but your co-owner won’t agree, a partition action is your only option. Our experienced partition lawyers have years of experience ending co-ownership disputes and can help you unlock the equity in your property. For a free, 15-minute consultation with an experienced partition attorney at Talkov Law, call (844) 4-TALKOV (825568) or fill out a contact form online.