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.
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