Legal Question in Real Estate Law in Tennessee
Land mess!!
Four family members own 1/4 interest in 775 acres. Three want to get out of the deal. They have to offer their part to the remaining owner first at FMV. This price cannot be agreed on and the way the land is going to be split up can't be agreed on either. What is the outcome when this goes to court?
1 Answer from Attorneys
Re: Land mess!!
It does sound like a mess.
From what you have stated it does not sound like there is a written agreeement or if there is a written agreement, the agreement does not provide for a valuation methodology.
If a valuation methodology is provided in the agreement, that methodology will be followed.
Assuming there is a no vlauation methodology, any one or more of the owners will file a motion to partition the property with the court. Land is considred unique, thus the court will not divide the land into 4 tracts but rather order that it be sold, most likely at public auction. The four owners would be free to bid on the property at auction.
Contact me if you would like addiitonal assistance in this matter.
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