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Started By
Message
If you inherited 20% of a piece of land, and you want to sell.. but....
Posted on 12/10/16 at 1:38 am
Posted on 12/10/16 at 1:38 am
....there is another 20% owner that never wants to sell,...
how can I get my equity out legally?
.....what if it is 80% that doesnt want to sell? How can I get my money out?
Thanks in advance.
how can I get my equity out legally?
.....what if it is 80% that doesnt want to sell? How can I get my money out?
Thanks in advance.
This post was edited on 12/10/16 at 2:02 am
16
Posted on 12/10/16 at 1:40 am to LakeViewLSU
Sell to one of the other property owners or all the other property owners
Posted on 12/10/16 at 1:42 am to LakeViewLSU
Undivided interest can be sold. It just won't bring much, usually.
ie. 20% interest in 100 acres will bring less than 100% in 20 acres would.
ie. 20% interest in 100 acres will bring less than 100% in 20 acres would.
Posted on 12/10/16 at 1:45 am to Decisions
A few exceptions I can think of (in terms of it commanding a lower price) might be timber/hunting tracts in desirable areas. I see shares of hunting clubs on the Mississippi River going for absolutely insane prices.
Posted on 12/10/16 at 1:47 am to RockyMtnTigerWDE
quote:
Sell to one of the other property owners or all the other property owners
Obviously this isnt an option or I wouldnt be asking the question.
Posted on 12/10/16 at 1:49 am to Decisions
quote:
Undivided interest can be sold. It just won't bring much, usually. ie. 20% interest in 100 acres will bring less than 100% in 20 acres would.
I was thinking more of a way to force a sale legally. is this possible?
Posted on 12/10/16 at 1:52 am to LakeViewLSU
Partition by licitation is the "legal remedy" when one co owner refuses to sell, but it rarely ends well.
Filing the suit will get his attention though. I'm sure you have a friend that went to law school...this type of issue is taught to every 1L in Louisiana.
Filing the suit will get his attention though. I'm sure you have a friend that went to law school...this type of issue is taught to every 1L in Louisiana.
Posted on 12/10/16 at 1:53 am to LakeViewLSU
You can force a sale in LA. Talk to an atty.
Posted on 12/10/16 at 1:58 am to LakeViewLSU
Edit: Seems I was wrong about the forced sale part.
You could try to get it partitioned and then sell what you wind up with. But depending on the kind of property and how much you want to try to deal with your fellow interest holders I'd likely just try to sell the interest (assuming it has any intrinsic value). Just go to a real estate agent and they'll list it on places like Landwatch with a solid description and pictures (for a modest fee).
You could try to get it partitioned and then sell what you wind up with. But depending on the kind of property and how much you want to try to deal with your fellow interest holders I'd likely just try to sell the interest (assuming it has any intrinsic value). Just go to a real estate agent and they'll list it on places like Landwatch with a solid description and pictures (for a modest fee).
This post was edited on 12/10/16 at 12:25 pm
Posted on 12/10/16 at 2:11 am to LakeViewLSU
Where is it, how many acres and what's on the land? Timber, ago etc.
Posted on 12/10/16 at 2:16 am to MasterofTigerBait
quote:this - been there, done that.
You can force a sale in LA. Talk to an atty.
Posted on 12/10/16 at 5:07 am to LakeViewLSU
Have fun paying those attorneys fees. It's pretty standard they take 20-30 percent of your profit from the sale.
Posted on 12/10/16 at 5:50 am to gsm1060
quote:
Have fun paying those attorneys fees. It's pretty standard they take 20-30 percent of your profit from the sale.
70-80% is way better than owning land that you don't want and will never use.
Posted on 12/10/16 at 6:11 am to LakeViewLSU
force a partition
get your individual piece and sell it
get your individual piece and sell it
Posted on 12/10/16 at 6:47 am to LakeViewLSU
Just let your cousin or brother hunt it and call it a day lol
Posted on 12/10/16 at 7:01 am to MasterofTigerBait
quote:
You can force a sale in LA. Talk to an atty.
Pretty sure this is correct. I have been in a situation where I looked into possible actions. I was told that Louisiana law does not allow forced joint ownership and any party can force a sale.
The issue is then who will you piss off and what will the property sell for.
Talk to a non OT lawyer.
Posted on 12/10/16 at 7:06 am to LakeViewLSU
quote:
owner
Actually, you just rent that piece of land. Don't believe me? Don't pay your taxes and then you will see the real owners of that property quickly appear.
Posted on 12/10/16 at 7:09 am to LakeViewLSU
My question is why would someone leave this mess to someone else. It can't ever end well.
Posted on 12/10/16 at 7:27 am to LakeViewLSU
Seems like there is a profession that could help with this...
Posted on 12/10/16 at 7:40 am to gsm1060
quote:
Have fun paying those attorneys fees. It's pretty standard they take 20-30 percent of your profit from the sale.
No attorney in his right mind would do this. Take a chance on there being any profit at all? He'll pay a set flat fee or by the hour to get it done.
This post was edited on 12/10/16 at 8:12 am
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