Legal Question in Real Estate Law in Minnesota

Re: Real estate

I assume that the children own as tenants in common and that there is not an enforceable agreement concerning the management and disposition of the property (both quite likely).

If the children cannot agree on the management or disposition of th property, one or more of them can sue for partition of the property. A judge then determines whether the property can be physically divided without significantly hurting the value (the statutory first choice). If not, the property is sold under court supervision and the net proceeds are divided among the co-tenants.

It is generally much better to enter into an enforceable agreement as to the management and disposition of the property before any dispute arises.

I arrange for such agreements and also handle partitions, and would be happy to respond to further questions by e-mail.

Re: Real estate

The prior answer to this question is correct. I would add a caveat, i.e., that if the property is placed for sale by the Court, it is possible for any of the current owners, in your situation, you and/or your siblings, to submit a bid in an attempt to purchase/buy out the balance of the other siblings. Be advised however, in partition actions, often times a fair settlement/resolution can result in a better economic outcome to you, than taking the matter to an ultimate Court ordered sale.