Sonoma, CA asked in Real Estate Law for California

Q: I am a part owner of a 200 acre rice farm in N Calif. I own 24 % along with my sister each owning 24%.

There are 4 cousins owning the remaining %. Everyone wants to sell (minus partnership discounted 15%) at the FMV to my 1 sister and me, except 1 partner that owns 9%. This has been an ongoing problem for 30+ years. What would a partial sale include?

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1 Lawyer Answer
Kristina M. Reed
Kristina M. Reed
  • Sacramento, CA
  • Licensed in California

A: I am unclear about your question. The short answer is Yes, it is possible for all owners, except the 9% owner, to sell their ownership shares to you and your sister. You mention a partnership which may imply that there is a partnership agreement of some sort. You should contact a business and real estate attorney to discuss this particular arrangement/ownership structure and to help you structure the sale.

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