Real Estate Law
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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.
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