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If you inherited 20% of a piece of land, and you want to sell.. but....
Posted by LakeViewLSU on 12/10/16 at 1:38 am120
....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 at 2:02 am
re: If you inherited 20% of a piece of land, and you want to sell.. but....Posted by RockyMtnTigerWDE on 12/10/16 at 1:40 am to LakeViewLSU
Sell to one of the other property owners or all the other property owners
re: If you inherited 20% of a piece of land, and you want to sell.. but....Posted by Decisions 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.
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.
re: If you inherited 20% of a piece of land, and you want to sell.. but....Posted by LakeViewLSU 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.
re: If you inherited 20% of a piece of land, and you want to sell.. but....Posted by LakeViewLSU 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?
re: If you inherited 20% of a piece of land, and you want to sell.. but....Posted by lighter345 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.
re: If you inherited 20% of a piece of land, and you want to sell.. but....Posted by MasterofTigerBait on 12/10/16 at 1:53 am to LakeViewLSU
You can force a sale in LA. Talk to an atty.
re: If you inherited 20% of a piece of land, and you want to sell.. but....Posted by Decisions 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 at 12:25 pm
re: If you inherited 20% of a piece of land, and you want to sell.. but....Posted by GREENHEAD22 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.
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re: If you inherited 20% of a piece of land, and you want to sell.. but....Posted by skinny domino 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.
re: If you inherited 20% of a piece of land, and you want to sell.. but....Posted by gsm1060 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.
re: If you inherited 20% of a piece of land, and you want to sell.. but....Posted by gorillacoco 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.
re: If you inherited 20% of a piece of land, and you want to sell.. but....Posted by Hooligan's Ghost 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
re: If you inherited 20% of a piece of land, and you want to sell.. but....Posted by thelawnwranglers on 12/10/16 at 6:47 am to LakeViewLSU
Just let your cousin or brother hunt it and call it a day lol
re: If you inherited 20% of a piece of land, and you want to sell.. but....Posted by mdomingue 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.
re: If you inherited 20% of a piece of land, and you want to sell.. but....Posted by Homesick Tiger 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.
re: If you inherited 20% of a piece of land, and you want to sell.. but....Posted by CoolHand 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.
re: If you inherited 20% of a piece of land, and you want to sell.. but....Posted by weagle99 on 12/10/16 at 7:27 am to LakeViewLSU
Seems like there is a profession that could help with this...
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 at 8:12 am
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