Legal Question in Wills and Trusts in Georgia
Our father passed away almost 3 years ago. The estate is all settled except for the family farm. I have 2 siblings, a brother and sister. My sister and I have agreed to let our brother buy us out. We have 2 appraisals, one at $2,900 an acre(ours) and my brother's at $2,700 an acre. We have agreed to sell our third at his appraisal price. He has had 5 excuses now and says he can't afford it. I have offered to buy both of them out at my (higher)appraisal. He won't take my offer and says he wants the farm. We have said fine, then buy us out at your lower appraisal price. He continues to drag his feet and says he just can't afford it right now.
I live 1,200 miles away, and don't get any benefits of the farm, but still have legal and financial obligators. Can we force a sale or force one of us to buy the other out? BTW, the asset is debt free and actually produces revenue. Please advise? Thank you so much.
2 Answers from Attorneys
When you say the "estate is all settled", no it isn't.
Unless the estate has been mishandled, there should be an executor or administrator in charge. That person can do whatever needs to be done. If they don't do their job, you hire a lawyer and sue. Be aware that forcing a partition of property is VERY expensive so be prepared to spend a great deal on legal fees.
I am not sure what you mean by settled. Do you mean that the estate has been fully resolved and that you and your siblings all received the farm? In that case, there is no reason for the executor to be involved and your only remedy is to seek partition of the land.
It is my guess that when you actually hire a lawyer, you will call your brother's bluff and prompt him to move quicker on buying you out. You will need a real estate litigation lawyer in the county/state where the farm is located. Lawyers are not cheap, but perhaps once you get your brother's attention he will see the light.
If the estate is not fully resolved (no order discharging the executor) then the executor needs to help get the ball rolling.
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