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re: OT Lawyers - multiple land owners / bankruptcy
Posted on 1/14/19 at 8:00 pm to hubreb
Posted on 1/14/19 at 8:00 pm to hubreb
quote:Doesnt have to be arable. Trees are worth $$ but to average 4K across 2500 acres...hmmm.
I haven't been to property, my kids have...a combination of river front and small hills/mountains..not sure if any is farmable... basically a hunting/fishing camp passed down one generation...in middle of no where... would guess not worth a ton
This post was edited on 1/14/19 at 8:02 pm
2
Posted on 1/14/19 at 8:03 pm to Geauxtiga
Let this be a lesson to people who own joint property with someone other than their spouse - make sure you have an exit plan drawn up.
Posted on 1/14/19 at 8:04 pm to hubreb
Better get it into a LLC
Posted on 1/14/19 at 8:29 pm to Drop4Loss
quote:
When two or more people own a piece of property in Arkansas, and they no longer wish to co-own it together, they are able to file what is known as a partition action. An Arkansas partition action will effectively end the co-ownership between the two parties. If the parties cannot come to an agreement in order to file a voluntary partition where they contractually agree as to the method of partition, then a court will order a partition by judicial action. The commencement of a judicial partition in Arkansas first requires that one of the owners file an Arkansas real estate partition form with the applicable court.
There are two major types of partitions in the state of Arkansas. The first kind is a partition in kind, which physically divides the property between the two owners. The second kind of partition is a partition by sale, where the home or land is sold at auction and the parties are allowed to split the proceeds depending on the type of tenancy they held. Arkansas has three major types of tenancy: tenants in common, joint tenants, and tenants by the entirety. Tenants in common can have any percentage breakdown ownership of the property, but joint tenants always take property in equal shares. This means that a partition of land held by joint tenants must be divided in equal shares. Tenants by the entirety, however, is a tenancy that is generally reserved for married couples only. When tenants by the entirety seek to partition land, it is generally within the purview of the family courts as it is part of a divorce.
Arkansas is a title theory state, which means that any lender or mortgagor is a necessary party to the partition action because they hold title to the property through a deed of trust. If you need to partition a property that you own in Arkansas, you should speak to a real estate attorney as soon as possible.
Posted on 1/14/19 at 8:32 pm to hubreb
Free legal advice?
Posted on 1/14/19 at 8:35 pm to Geauxtiga
quote:
I doubt 2500 acres is worth 4K an acre.
Not an attorney but I know a bit about land values. With that amount of acreage it’s likely either agricultural or timber. $4K per acre may be on the low side.
Posted on 1/14/19 at 8:52 pm to hubreb
Can possibly force a partition of the property so that he can sell his share
Posted on 1/14/19 at 8:56 pm to Geauxtiga
quote:
I doubt 2500 acres is worth 4K an acre.
It could easily be worth it in the right situation. This doesn’t sound like that situation, but it’s possible. Depends on timber value, hunting quality, and infrastructure/facilities.
Posted on 1/14/19 at 9:30 pm to hubreb
If you can get BBonds25 off the poli board he’s a super sharp attorney.
Posted on 1/14/19 at 9:36 pm to samson73103
quote:
Not an attorney but I know a bit about land values. With that amount of acreage it’s likely either agricultural or timber. $4K per acre may be on the low side.
In my little corner of the universe, which is not too far from Arkansas, raw timberland without mineral or development potential is routinely valued at 3-4K. $2000 for the land, the rest based on the type, condition, marketability of the trees.
Agricultural land under cultivation goes for considerably more.
Out west you can get land for under $100 an acre, in the middle of nowhere without water or accessibility. Sometimes as low as $10/acre.
Posted on 1/14/19 at 9:43 pm to O
quote:
We for sure will get a lot of quality responses from Arkansas attorneys on a Louisiana school fan forum.
In fairness, bankruptcy is federal, so the same laws apply in Arky and LA on this issue.
He’ll likely have to list it as an asset on his Schedule. The trustee then has an obligation to get the highest value of that 1/4 interest in land for all of the creditors.
Anybody threatening to file bankruptcy is usually bluffing to get a quick sale. People that actually file bankruptcy usually do it like a thief in the night and nobody sees it coming.
Not offering legal advice, but I do have Google and slept at a Holiday In last year.
This post was edited on 1/14/19 at 9:45 pm
Posted on 1/14/19 at 9:48 pm to hubreb
I don't know much of anything, but he could have just sold his share or portion of the property and avoided bankruptcy all together. I mean how much does this idiot owe?
This post was edited on 1/14/19 at 9:48 pm
Posted on 1/14/19 at 10:08 pm to Langland
I don't know any of details, but this thread has been somewhat informative.,don't really care as it has nothing to do with me
Posted on 1/14/19 at 11:37 pm to Geauxtiga
quote:
to average 4K across 2500 acres
When I used to buy and sell rural real estate in LA, that would have been high end, except for high timber volume stands. I now do the same in rural King County (Seattle) WA and can't touch land for 10x that.
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