Legal Question in Real Estate Law in Iowa
selling farm land in iowa and there are four owners and three have agreed to sell; but one won't sign agreement. What legal action can be taken? Or what rights do the three in agreement have? The bid is going to be taken off the table if we can't get this resolved asap.
1 Answer from Attorneys
Unfortunately "asap" is not going to happen unless the four of you come to an agreement. If you cannot resolve this, then you will have to file a partition action. The idea of partition is to divide the property between the owners, but what often happens is that the court orders the property sold, with the net proceeds divided between the owners. Either way, this will increase your expenses and probably decrease the amount you receive. Perhaps the holdout should buy the rest of your interests in the property.