Legal Question in Real Estate Law in Pennsylvania

Re:

The parties wishing to sell, fix the price. The buyers then try to negotiate the price they think is fair, if different. You should engage the services of an experienced lawyer to prepare the agreement of sale and handle the closing

Re: Family/Group Purchase

It is advisable to have a written agreement among the family members stating all of the terms of the purchase. Be sure that all the people with an interest in the property are parties to the agreement.

Mediators can be helpful in family transactions. They will attempt to facilitate the transaction without harming the family relationship. It may also be useful to engage the services of a real estate appraiser to determine a fair value. The cost of the appraiser's fee can be shared between the buyers and the sellers.

This is just as "legalistic" as any purchase and sale of real property, and the agreement and the settlement should be handled by a real estate attorney. It would be best to have the buyers repesented by one attorney and the sellers by another, since they have diverse interests.

Re:

The information you supplied was not complete. I assume that all members of the family have an interest in the 300 acres. In the event all family members do not consent to the sale any member can institute a legal action to force the sale of the real estate. It is called a Partition action. It is a very expensive process as the property will be forced to an auction sale by a Trustee appointed by the Court. After deduction of the sale costs there will be less to distribute to the owners. I suggest you consult legal counsel and or get a mediator if all parties can agree. Good luck!