Falmouth, ME asked in Real Estate Law for Maine

Q: I own a camp on Little Sebago with my brother. He wants to sell, I don’t. We have offered him half of assessed value.

He Wants full current market value, which I can’t afford. What aren’t options.

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1 Lawyer Answer
Fred Bopp III
Fred Bopp III
  • Yarmouth, ME
  • Licensed in Maine

A: Ok, so you mean he wants you to buy out his interest at full current market value. Now I get it. You can make a counteroffer. You can point out if he has to file a partition action, those costs would be deducted from the sale proceeds. Also, if you both hired a real estate agent to sell the property, the commission (typically 6%) would need to be deducted as well. Maybe you can come to an agreement on a lower price. Assessed value is typically lower than fair market value, so I can see why he would reject that offer. Maybe you can meet in the middle.

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