Q: We have a farm with four owners with undivided surfaced interest. What are our options if one wants to sell?
I own 300 acres. My sister owns 300 acres. Cousin number one has 150 acres. Cousin number two has 150 acres. All this surface is undivided.
A:
1. Informal Partition by Agreement:
This option involves the owners reaching a mutual agreement on how to divide or sell the property without court intervention. Here are some steps you might take:
a. Negotiation: All owners need to discuss and negotiate the terms of the partition, including how the property will be divided or sold.
b. Drafting an Agreement: Once an agreement is reached, it's essential to have a legally binding document drafted, detailing the terms and conditions of the partition.
c. Legal Review: It's advisable to have the agreement reviewed by individual attorneys to ensure that everyone's rights and interests are adequately protected.
d. Execution: After legal review and any necessary revisions, the agreement can be executed, and the agreed-upon actions can be taken.
Judicial Partition
Generally an owner of an undivided interest in land can file for a judicial partition. The court appoints commissioners who determine if the property can be divided into equal relevant shares in an equitable way. If this is not possible, then it is appraised, each owner has an opportunity to buy out the others at the appraised price (less their proportionate value). But if nobody exercises the option, or if more than one owner exercises the option a deadlock is created. The property may be sold at sheriff's sale with the proceeds divided according to their interests.
This post is not legal, tax or investment advice. Reading or responding to this post does not create an attorney/client relationship.
A:
I meant to mention, this is how it is generally handled in Oklahoma. Other states will differ.
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