Legal Question in Real Estate Law in Tennessee

Land sale between siblings??

Land (800acres) left for four siblings to share a 1/4 interest each. Three want to sell. The deed states they have to offer their entire portion to the one that wants to keep the land. Also states, the price can be agreed on between the siblings or if not, it has to be offered at Fair Market Value. The three wanting to sell do not think this is ''Fair'' considering if the land was developed and sold in smaller tracks it would bring more. If this were to end up in court what would happen? Are there possible ways of finding the FMV of the land other than putting it on the market?


Asked on 7/31/07, 10:13 am

1 Answer from Attorneys
KJW Firm PLC

Re: Land sale between siblings??

Sounds like there is a right of first refusal which would probably be upheld. As for FMV, you can hire an appraiser that will give you that information.

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Answered on 7/31/07, 10:48 am


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