Legal Question in Real Estate Law in Massachusetts
My grandmothers house is being sold I am 1 of 9 shareholders who would like to buy the property. I am waiting for my house to sell so I can purchase the prop. The other share holders have found a buyer and I was sent a notice of Purchase and Sale. They said they can no longer afford to wait for me to sell my house and must sell. The problem is they are selling for 100,000 below market value. Could I contest this sale based on the below market selling price. I am sure my house will sell and need time.
2 Answers from Attorneys
It is unclear whether the property is held as tenants in common or by a partnership. You can object to the sale if it is $100,000 below current market value.
If the property is still in the estate, the Executor can sell it but it has to be within a reasonable amount, currently that would be the fair market value.
If you agreed to sell the property that is one thing, but selling a property $100,000 below its market value is not generally a reasonable price unless there are exigent circumstances.
Please feel free to contact me next week.
I am guessing that you and your siblings inherited property, and the majority of your other co-owners no longer wish to own and maintain the property.
They cannot sell the house without your permission, since you are a part owner of the property. Your other co-owners do have the right to seek a partition of the property.
If you would like to discuss options, please feel free to contact me.
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