three people own land, one wants to sell, do the other have to sell
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three people own land, one wants to sell, do the other have to sell
in ky me and my sisters own land one sisters wants to sell,does the other two
have to buy her out.or say no to her
Asked on October 20, 2018 under Real Estate Law, Kentucky
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
Yes, they can be made to sell. When joint owners of property cannot agree as to ownership matters, there is a legal remedy known as "partition". In such an action, the judge will order that the property be divided, if it's possible. If not, such as in the case of a single family house, then the judge will order a "sale in lieu of partition". This means that the property will be put on the market and when an offer for fair market value is made, accepted and the sale is completed, the proceeds will be equitably distributed among all of the owners. First, however, the party (or parties) who want to keep the property will be given the chance to buy out the other owners who don't want to sell.
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