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?

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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 9 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.


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