Q: 15 acre property. Cost and how to partition & cost of mediation? Can one sell their portion or sign over their portion?
Wife wants to sell, aunt does not. Land locked. In Seguin. One cash offer on table but aunt doesn't want to sell because she feels the offer is too low. Taxes from last year are owed. taxes have already increased but aunt won't budge after multiple conversations to get these taxes paid out of sale of property verses losing property to foreclosure. So, wife is looking at the above questions. estimated cost and time frame to handle the different aspects of this case please?
A: You could buy out the willing sellers by deed to have a larger share. But hire a TX attorney to file suit for Partition.
A: Partition lawsuits take a long time to resolve if the parties can't reach an agreement. It is hard to estimate the cost without knowing more details. If it is contested, the costs can get quite high. Mediation is typically an hourly expense and ranges from $1,000-$5,000 depending on how long it takes. It is possible for one person to sell their interest to a 3rd party, but it is rare for someone to want to buy a portion of a property and be co-owners with the stubborn owner. One co-owner can buy out another co-owner to gain full title and possession of the property. Schedule a free consultation to get a more definitive answer on timeframe and expense.
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