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Discussion Board - Farmland

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AA

12-08-2005 10:18:56




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Farm I have interest in is divided between six of us. each has a one sixth interest. Four def. do not want to sell. If two others decide they would like to sell property would that compel others to also have to sell there interest. None of the four however are interested in buying the other two individuals share. The farm is not divided. If they wanted to sell and we would not agree would not the property have to be divided bfore they could sell because there is no clear title everyone just has a one sixthe interest. Can the four keep it together by refusing to agree to sell or would the other two be able to force a division? What a mess

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AA

12-09-2005 10:18:41




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 Re: Farmland in reply to AA, 12-08-2005 10:18:56  
Four do not want to sell- 2 do. Can four who oppose selling keep farm together by agreeing not to sell? Or can the other two force a sell. None of the four desire to purchase the other two one sixth share cost prohibitive. Or can the 2 who want to sell force a division of the property then sell there one sixth share which they would then have clear title if land divided. Thanks



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Gfs

12-27-2005 16:02:40




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 Re: Farmland in reply to AA, 12-09-2005 10:18:41  
Word of advice, forget the lawyers and the courts. Get the people together at a conference room lock the door and hammer it out. I don't care what it takes nothing good comes from courts or lawyers. If you can't do that, take notes and never let it happen to your children.



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paul

12-11-2005 19:15:50




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 Re: Farmland in reply to AA, 12-09-2005 10:18:41  
My opinion - if the 6 can't figure it out on their own, the lawyers will get rich & the 6 will all come up short.

I know it is what it is, & these things come about. But, a real bad & sad situation. Property should be defined. This will be a mess.

A lawyer can make anything start to happen, from either side. What actually comes of it will depend on state laws & how much $$$ each side is willing to throw down the hole to prove their point.

--->Paul

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kyhayman

12-09-2005 16:35:32




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 Re: Farmland in reply to AA, 12-09-2005 10:18:41  
My understanding is any one person can force a sale but it takes all 6 to agree how to divide it. If its undivided interests it would go to absolute auction and then the proceeds divided 6 ways. A court cant divide what it cant value. Money is the easiest thing.

This free legal advice is probably worth what it cost you, lol. I know I'd be hiring the best lawyer I could find, even knowing he may get a third of what your share is worth. Its a waste of money, but losing it all is a bigger one.

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kyhayman

12-09-2005 09:54:46




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 Re: Farmland in reply to AA, 12-08-2005 10:18:56  
Here there was a similar situation with 6 heirs. All wanted to sell, but when they had a buyer 1 said price wasnt high enough (what they agreed as to asking price was the least she would take). Simple case, no title search, no real discover. 2 years and over $100,000 in legal bills.



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Coloken

12-09-2005 06:43:07




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 Re: Farmland in reply to AA, 12-08-2005 10:18:56  
Face facts, sonner or later, you will need to buy them out. The sooner the better.



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willie j

12-09-2005 04:56:13




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 Re: Farmland in reply to AA, 12-08-2005 10:18:56  
AA
Not legal advice, but observations, and probably will just confuse the issue. I have seen in the "legal notices" of the paper transfers of "undivided 25% interest in - then the legal description of the land. It seems that a person can sell his interest in a farm to whomever he wants, then the new owner replaces the seller as a part owner. Similar to if a person has stock in a company (eg: General Motors) that person can sell his stock whenever he chooses, the other stock owners retain theirs. Real estate laws may vary by state.

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SuperHank

12-08-2005 12:24:47




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 Re: Farmland in reply to AA, 12-08-2005 10:18:56  
In most states a Petition to Partition will solve your problem. The costs should not be unusually high because there is no elaborate discovery or motion practice to clog things up. Petition is filed, the property is sold on the court house steps to the highest bidder and the proceeds are divided amongst the owners less costs,taxes etc. Obviously you need to be prepared to be able to pay up to a predetermined amount to protect your interest but if the bidding gets to the point where you are happy with the price you will win either way.

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SAH

12-08-2005 11:03:11




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 Re: Farmland in reply to AA, 12-08-2005 10:18:56  
What could compell the others to sell? Depending on what state you are in a court order after someone files a partition action might do the trick. The courts usually don't make people own things they don't want. It can be expensive as the lawyers and realitors are paid well. Are you sure you don't want to buy out your partners



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