Selling farm land
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Selling farm land
In North Dakota if 15 people have inherited farm/pasture land and only
1 person does not want to sell what can be done ? The will does not
give any guidance regarding this problem.
Thank You
Asked on April 10, 2018 under Estate Planning, North Dakota
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
Once the property has been transferred into the names of the 15 people, then as co-owners they will have certain legal rights. The law provides the remedy of "partition" when joint owners of property cannot agree as to ownership matters. In a partition action, the 14 owners can go to court to force the remaining owner to sell. At first the court will order that the property be divided, if practical. If not (as in your case) the court will then order a "sale in lieu of partiton". Accordingly, the property will be placed on the market for fair market value and upon sale the proceeds will be equitably divided. First, however, any owner who wishes to keep the property will have the right to buy the others out.
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
Once the property has been transferred into the names of the 15 people, then as co-owners they will have certain legal rights. The law provides the remedy of "partition" when joint owners of property cannot agree as to ownership matters. In a partition action, the 14 owners can go to court to force the remaining owner to sell. At first the court will order that the property be divided, if practical. If not (as in your case) the court will then order a "sale in lieu of partiton". Accordingly, the property will be placed on the market for fair market value and upon sale the proceeds will be equitably divided. First, however, any owner who wishes to keep the property will have the right to buy the others out.
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