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We four sisters have inherited farmland in South Dakota how

Customer Question
do we set up rules...
We four sisters have inherited farmland in South Dakota how do we set up rules of shared ownership to protect the value of the whole, rules if one sister wants to sell, how it would be passed on to next bloodline?
Submitted: 5 years ago.Category: Real Estate Law
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6/9/2012
Real Estate Lawyer: A-LEGAL-MIND, Lawyer replied 5 years ago
A-LEGAL-MIND
A-LEGAL-MIND, Lawyer
Category: Real Estate Law
Satisfied Customers: 466
Experience: Owner of a law firm which handles real estate transactions.
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divorcememike :

Hello and welcome to JustAnswer. I would be happy to help you with your question.


 

divorcememike :

If one has inherited land or property along with others and is concerned with the future succession of the property...........How the land is titled is of utmost importance.


 

Customer: Tenants in common
divorcememike :

If the property/land were titled as JTWROS (Joint with right of survivorship) this would transfer automatically to each of the others upon the passing of one individual

divorcememike :

Tenants in common would each have individual shares, which they could pass as they like in their will (upon their passing)


 

Customer: Yes this is already complete my question regards XXXXX XXXXX
divorcememike :

You are asking how to set it up so that one may pass their individual share on to whomever they like?.........either through sale or succession (through a will or trust).

Customer: Yes
divorcememike :

If property is held as tenants in common and one individual sell's their share to another, or passes along their share to another through a will...................this would cause the person to become the owner of their share (basically stepping into the shoes of the prior owner). The individual would become the new Tenant in Common with the other owners.


 

divorcememike :

The title would continue to be a tenancy in common with the other owners.

divorcememike :

Please let me know if this satisfactorily answers your question or if you have additional follow up questions and I would be glad to assist you. In addition, please remember to click ACCEPT if you are satsified so that I may receive credit for my answer. Thanks for using JustAnswer.


 

divorcememike :

In addition, here is a link to the South Dakota statutes on ownership of property: http://legis.state.sd.us/statutes/DisplayStatute.aspx?Type=Statute&Statute=43-2


 

divorcememike :

Good luck and please let me know if you have any follow up questions.


 

Customer: What if three want to keep ownership and one wants to sell but thr 3 can't afford to buy?
Customer: I did not. Learn anything from our chat. Bummer
divorcememike :

With a tenancy in common the shares are individual and may be passed to whomever each individual owner wants. In addition each owner can dispose of his/her chat

divorcememike :

share to whomever he/she wants.


 

divorcememike :

The 3 would retain their ownership and the fourth could sell to another.

divorcememike :

Have I answered your question satisfactorily? or do you have follow up questions....which I would be happy to help you with.

divorcememike :

Hello, are you there?

divorcememike :

Please let me know if I can assist you further and I would be happy to help.

divorcememike :

Hello? Did you have any follow up questions? Do you feel that I answered your question satisfactorily?


 

Customer: The land is one parcel and should not be and can not be divided as it includes land of lesser value pasture ,Copland and meadow
divorcememike :

In order to prevent land from being transferred to outside parties, two or more owners can title it as JTWROS (Joint with Right of Survivorship). This would not allow an individual to transfer his/her share to anyone else. If one owner were to pass away, his/her share would go to the other current owners automatically.

divorcememike :

That would prevent the division of land/property in a case like the one you have mentioned.


 

A-LEGAL-MIND
A-LEGAL-MIND, Lawyer
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Experience: Owner of a law firm which handles real estate transactions.
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