Legal Question in Real Estate Law in Arkansas
real estate inherited
my wife inherited a portion of a farm in arkansas, one third of a one third. five people are involved, one of the owners that has a 33% interest does not want to sell and has no means to buy out the other owners. my wife will only sell for a specific price. can the rest of the owners force a sale? everyone wants to keep their mineral rights also. the farm is approx 575 acres, produces soy beans and rice, is supposedly only one of two farms in akansas that has a natural lake on it, fed by the white river. it is prime duck hunting land, the 25 acre lake if full of fish, naturally stocked by the overflow of the white river, and there is woods on it with a good amount of deer hunting. i have questions about the oil and gas lease but i will ask those questions at a later date, thank you for your time,--name removed-- we live in ca. the property is in ar.
2 Answers from Attorneys
Re: real estate inherited
Unfortunately, the question you have asked will require an attorney licensed in Arkansas to provide an answer. Although you may live in California, the property is located in Arkansas and therefore legal issues related to ownership, partition and any other issues are going to be determined by Arkansas law. I am sorry we can't be of assistance, but I'm sure an Arkansas attorney can answer your questions.
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Re: real estate inherited
This is governed by Arkansas law, NOT California. In California, if the proeprty was inherited in joint tenancy, all parties would have to agree to a sale, and if no agreement, a lawsuit for partition would need to be filed; also, if held in tenants in common, each could sell their own interests, but they would would get very little for that interest, as no one wants to buy ownership in property with people who have divergent desires. You need to consult an Arkansas attorney.
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