The Uniform Partition of Heirs Property Act aims to create a more efficient process for partition actions involving real property owned by multiple parties, particularly when at least one owner has inherited their title. The bill defines "heirs property" as real property held in tenancy in common without a binding agreement among cotenants and establishes criteria for determining its fair market value. It mandates that if a court identifies the property as heirs property, a special master must be appointed to oversee the partition process, which can involve either partition in kind or partition by sale. The act also modifies existing laws by preempting any inconsistent provisions in N.J.S.2A:56-1 et seq., and it outlines procedures for notifying cotenants, conducting appraisals, and facilitating buyouts.

Furthermore, the bill introduces protections for cotenants by establishing a structured buyout process for those wishing to purchase interests from parties requesting a partition by sale. It specifies how fair market value will be assessed and the process for interested cotenants to buy out requesting parties. If no cotenant opts to buy, the court will determine whether to proceed with a partition in kind or by sale. The sale of the property must be conducted through a licensed real estate broker and at a price no lower than the determined value. The act will take effect 30 days after its enactment and will apply to partition actions filed thereafter.