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re: If you inherited 20% of a piece of land, and you want to sell.. but....
Posted on 12/10/16 at 8:37 am to LakeViewLSU
Posted on 12/10/16 at 8:37 am to LakeViewLSU
Assuming this is in Louisiana.
1. Ask other co-owner(s) to buy you out.
2. Ask other co-owners to divide the property into tracts, so that each of you will own 100% of a smaller piece that represents your share (e.g., 20 acres for you if the original tract is 100 acres).
3. If no one bites, you can try to sell to an outsider, but unless there are minerals that come with it most people are not interested in becoming co-owners with others. It's a PITA as you have discovered.
4. Nuclear option. You can go to court and force the property to be divided by the court, either by the court divvying up tracts for an "in kind" partition, or partition by sale, which means it is auctioned off like a sheriff's sale, with each co-owner getting their share of the proceeds.
The auction probably won't net nearly what it is worth on the market, so everyone comes out a loser and pays attorneys, courts costs, etc. That's why the partition suit usually settles by going back to option 1 or 2. Only the most hard headed dumb-asses let it go to auction.
1. Ask other co-owner(s) to buy you out.
2. Ask other co-owners to divide the property into tracts, so that each of you will own 100% of a smaller piece that represents your share (e.g., 20 acres for you if the original tract is 100 acres).
3. If no one bites, you can try to sell to an outsider, but unless there are minerals that come with it most people are not interested in becoming co-owners with others. It's a PITA as you have discovered.
4. Nuclear option. You can go to court and force the property to be divided by the court, either by the court divvying up tracts for an "in kind" partition, or partition by sale, which means it is auctioned off like a sheriff's sale, with each co-owner getting their share of the proceeds.
The auction probably won't net nearly what it is worth on the market, so everyone comes out a loser and pays attorneys, courts costs, etc. That's why the partition suit usually settles by going back to option 1 or 2. Only the most hard headed dumb-asses let it go to auction.
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