Legal Question in Real Estate Law in Minnesota

Selling Land owned in partnership
I am 8 other siblings own farm land in a partnership, with each partner owning a 1/9 share. I one partner wishes to buy out another partner, do all the other partners have to sign off on the sale? And, what type of fees would be involved in such a transaction? (assuming no realtors are involed)

Asked on 4/25/08, 6:58 pm

1 Answer from Attorneys

Steven Vatndal Law Office of Steven J. Vatndal

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Re: Selling Land owned in partnership

To a certain extent, this depends on whether the land is owned in the name of a partnership or whether the land is owned by the 9 of you as tenants in common with no written restrictions on the ability of any owner to transfer his/her interest.

If the land is held in partnership, is there a written partnership agreement, and what does it say about transfering interests?

If it is tenancy in common, generally any one owner can transfer his/her interest without participation of the other owners.

If it is tenancy in common and there's no need for a purchase agreement and there's no mortgage to deal with, you'd probably just need a simple closing statement, deed and transfer tax form and one meeting to get information and e-mail correspondence to review the drafts and one meeting to close. That would be about $400 in fees plus the recording fees and transfer tax.

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Answered on 4/28/08, 9:51 am

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