Q: Can an heir with higher percentage of ownership in a Louisiana Session force the lower percentage heir or owner to sell?
I received a partition from a Louisiana court to sell my ownership at a fair market price set by the session court. It is two heirs and each want to buy out the other, but neither wants to sell to the other. My other sibling has more percentage of ownership than me. However I have more financial resources. Will the court in the State of Louisiana be more favorable to the heir with the higher percentage? Can i be forced to sell to my sibling with more interest?
A: Louisiana law gives either co owner, regardless of percentage of ownership, the right to seek partition of the property. Depending on the size of the property, this may either be by dividing it or by requiring it to be sold and proceeds split per percentage ownership. The court requires a recent appraisal in order to determine fair market value. Sometimes, the value of the smaller percentage is not equal to the actual ownership percentage but an expert would be required in that case. In general, the court will merely divide the net proceeds (after costs, legal fees, appraisal fees, etc) by percentage interest.
Christie Tournet agrees with this answer
1 user found this answer helpful
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
