Q: I inherited a one third share of some property when my dad passed away and would like to sell.
I've contacted the other owners asking them to purchase my share. I've gotten no response. What are my options?
A:
Your options are:
1) one or both of the other owners agree to purchase your interest;
2) all the owners agree to sell the property;
3) you find an outside party willing to purchase your 1/3 interest in the property;
4) you commence an action in partition asking for the physical partition or judicial sale of the property. Threatening an action in partition may cause the other owners to reconsider options 1 or 2 above since judicial sale rarely brings fair market value to the owners.
The relevant Wisconsin Statutes may be found in Chapter 842.
842.02 Partition; plaintiffs.
(1) A person having an interest in real property jointly or in common with others may sue for judgment partitioning such interest unless an action for partition is prohibited elsewhere in the statutes or by agreement between the parties for a period not to exceed 30 years.
(2) The plaintiff in the plaintiff’s complaint may demand judgment of partition and, in the alternative, if partition is impossible, judicial sale of the land or interest, and division of the proceeds.
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