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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 8:20 am to CoolHand
Posted on 12/10/16 at 8:20 am to CoolHand
quote:You are assuming, probably correctly that this was left to him. The generation that currently monopolizes the obituary columns typically do not think very much about what will happen to what they leave behind.
My question is why would someone leave this mess to someone else.
My wife's grand parents on her mom's side had 8 kids. When the last one passed the kids inherited some acreage. By this time 3 of the kids had passed. The total of grand kids inheriting that portion was 6. That's what you may call a "mess".
Thankfully they all got along. One of the sons took much time to arrange a sale with all parties agreeing to sell although it took months to get all in to sign.
quote:If the OP had to start this thread it is obvious that there is already a problem between his wishes and the other 80%. Lawyers are going to take money from sale of what will be property sold for pennies on the dollar providing a purchaser can be found that would buy into this situation. If this isn't prime real estate OP would probably be best served to just forget he is involved in it. The tax man will handle the rest. Otherwise it will only end well for some lawyer.
It can't ever end well.
0
Posted on 12/10/16 at 8:27 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.
Do you also bitch about Doctor fees? Or Plumber fees? Or electrician fees? Or all the other professions that get paid for their specialized knowledge?
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.
Posted on 12/10/16 at 9:05 am to LakeViewLSU
Tell the other 80% owners if they won't buy you out at a fair market price you're going to donate your share to the NAACP.
Posted on 12/10/16 at 9:07 am to lighter345
quote:
this type of issue is taught to every 1L in Louisiana.
And rarely ever done in practice
Posted on 12/10/16 at 9:11 am to LakeViewLSU
Do you even law school bro
Posted on 12/10/16 at 9:19 am to Proximo
Tell them you are going to start a kudzu farm ...
Posted on 12/10/16 at 9:24 am to LakeViewLSU
I wish you would provide more background.
Posted on 12/10/16 at 9:34 am to LakeViewLSU
Force a partition sale. Would be expensive, but the court would "carve out" 20 percent for you
Posted on 12/10/16 at 10:07 am to Royal
quote:
Force a partition sale. Would be expensive, but the court would "carve out" 20 percent for you
There is no reason to do this.
1.) Don't pay your portion of the taxes if they aren't using the land in some way to pay them.
2.) Sell to the highest bidder in your family, even if its only 20%. Sell and move on.
Even if you partition your land, as said its not going to be worth 100% of it normally, plus you'll have all kinds of legal fees.
If it was me and say the land is worth $30,000, I'd take $5000-10,000 from a family member to just be free and clear.
Posted on 12/10/16 at 11:03 am to LakeViewLSU
I had to threaten partition a few years ago, but thankfully it didn't come to that. If I recall, the lawyer fees were very reasonable, it was the land surveyor that was expensive as hell. I'll say this though, regardless of the costs, it was completely worth it to not co-own that land anymore with relatives I could barely tolerate.
Posted on 12/10/16 at 1:50 pm to LakeViewLSU
If in Louisiana, Partition by Licitation. Usually 99% of the time the other side lawyers up and it settles. The mere threat and/or filing suit gets their attention. There are some families so damn stubborn they think they can control it or own it. All I can say is they better get out their checkbook. Depending on the area of state, expect $2,00-10,000 in atty fees, court costs, Sheriff's fees, etc. so keep it all in mind going into it. My experience is the damn survey (if y'all eventually settle) will cost more than that. Go see a lawyer who does real estate or succession work and they can probably take care of you.
Posted on 12/10/16 at 1:58 pm to LakeViewLSU
It wasn't obvious. I assumed you were really ignorant and didn't think of the most easy solution.
Posted on 12/10/16 at 4:08 pm to LakeViewLSU
quote:
Obviously i am a dumbass or I wouldnt be asking the question
Fify.
Posted on 12/10/16 at 11:09 pm to lighter345
Listen to this guy. All coowners may force a sale of coowned property. The court prefers to partition the property in king; however, if the property does not allow a division of similarly valued portions - like a portion borders a road, etc - the court will divide the property by licitation.
There's the rule for the bar exam. Lol.
Now, go hire an attorney.
There's the rule for the bar exam. Lol.
Now, go hire an attorney.
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