A couple of things - a part owner cannot force the other owners out so that they can buy the property themselves for their own benefit and desire.
If the part owner wants full ownership of the property themselves - they have to pay what the other owners want.
A partition action - is when a partial owner wants out and the other owners don't want to sell. Then that owner has the absolute right to file a partition action.
As to a partition action - it's a two part action.
1st part - can the land be divided equally between the owners as per their ownership interests. If so, then the judge will divide the land between the owners. This can usually only be done if it acreage and not with buildings thereon. If the property can't be divided, then on to step 2.
2nd part - then the judge will order the land appraised and offer it as between the owners to purchase from the other owners. If they can't come to agreement, the judge will order the property listed with a real estate company to be sold to the highest bidder and the proceeds distributed amongst the owners when sold.
The land has no buildings or permenant fixtures. Two of the owners are able to come to an agreement that a division would be in their best interest. The concern is that the other party has stated he want the land in its entirity and would force it to a sheriffs sale. That would supposedly allow him to bid and be the highest bidder (he is a multi-millionaire).
If the property is listed, is there a fair market value that the bid is started at? It seems unfair that something can be sold for less than it's fair market value.
Thank you for your help.
If the property is listed with a real estate broker - the owners say what the asking price is.
I have no clue what your talking about as to a bidding - that would only be if the property were auctioned off (by sheriff sale or the owners placing the property for sale at an auction). Certainly the owners (1, 2, or 3 of them) can prevent the property from being auctioned off through a sheriff sale if they pay the monthly payments.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).