If Ifile for a partitionof real estate and the remaining co-owners make me an offer for my portion of the undivided interest, must I accept that offer?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If Ifile for a partitionof real estate and the remaining co-owners make me an offer for my portion of the undivided interest, must I accept that offer?
I am a co-owner in an undivided interest of a 500 acre farm. If I petition for sale and the remaining co-owners opt to make me an offer to buy out my portion of the undivided interest rather than selling everything to an outside buyer, am I obligated to accept their offer?
Asked on January 15, 2012 under Real Estate Law, Missouri
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If you have an ownership interest in a piece of property with co-owners where if you file a partition action resulting in an offer by the other owners to purchase your ownership interest in the property for a certain amount, you would be under no legal obligation to accept the offer.
You could accept the offer, counter the offer or simply reject it and move foward with the partition action.
In the partition action, the court most likely will send the case to mediation or set a settlement conference for the parties to possibly try and settle the matter on their own as opposed to having to go to trial.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.