Posted by Anne_ND on November 09, 2007 at 05:54:29:
What about a partition suit?
Sometimes good deals can be had when family members are willing to sell their portion cheap to avoid conflict with other family members.
Kristine? Michaela?
-Anne
Multiple owners of property through inheritance - Posted by Jeff Kelley
Posted by Jeff Kelley on November 07, 2007 at 16:03:58:
Each of these parties have different thoughts, ideas, motives & intentions for their share of the property. If I can buy out the majority of the parties and their shares, are there any laws regarding my ability to own 100% of the property, or future of the property(Fixing up, tearing down,etc) if one party is defiant and difficult?
PA? - Posted by John Merchant
Posted by John Merchant on December 16, 2007 at 17:30:39:
Any one of multiple owners of a property has the right to petition the court to partition the property, forcing its sale and division of sales proceeds.
Because this action is virtually indefensible, very few go to court after the PA is filed…normally settled, sometime before mediation, sometime afterwards, but probably 95% settled out of court.
The court or mediator might be involved enough to help all parties understand it’s gonna happen and to help them with a mutually satisfactory appraisal arrangement, but most likely it won’t be necessary to actually try the case.
So I’ve always advised parties in these deals to buy out as many of the other interests as possible if terms and prices are great.
Then force the recalcitrants’ hands by threat of PA, which will likely be enough to force them to the bargaining table.
All or Nothing - Posted by Jimmy
Posted by Jimmy on November 08, 2007 at 07:07:23:
you don’t want to buy a majority of the ownership. you want it all. real estate is not like a corporation or other entity, where a majority owner controls everything. even if you have 99%, the 1% guy can get in your way. if you try to lease the property to a third party, and he does not want you to, he can take up residence in the property. he has that right. and you can’t sell his interest in the prop. lenders won;t touch it either.
PA = Partition Action nt - Posted by John Merchant
Posted by John Merchant on December 18, 2007 at 18:37:51:
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