Property Ownership
In Michigan, a 'partition action' may be brought by:
AOnly the local municipality
BA co-owner who wants to force a division or sale of jointly owned property when co-owners cannot agree✓ Correct
CA lender to split mortgage payments between owners
DA neighbor to establish a boundary line
Explanation
A partition action in Michigan allows a co-owner (tenant in common or joint tenant) to force either a physical division of the property or a court-ordered sale when the co-owners cannot agree on what to do with the jointly owned property.
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Key Terms to Know
Joint Tenancy
Co-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
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