Legal Question in Real Estate Law in Virginia
land purchase
A piece of land (about 50 acres) was left in a will to 5 people. These 5 people were having trouble agreeing on a selling price so 2 of the 5 offered to sell their share to any of the other 3 for a reasonable price. I am considering buying the 2 people out and was wondering if this is a wise move?What might be the complications of sharing ownership with 2 others? Could any of the 3 remaining owners ever force anyone to sell their share of the property?
1 Answer from Attorneys
Re: land purchase
Yes, any one of the other owners could file what's called a partition suit in the local circuit court to have the property formally divided up or, if that were not feasible, then sold in lieu of partition with the proceeds of the sale divided among the owners of record.
That said, as to whether this particular buyout opportunity would be a good deal for you in your particular circumstances, there's really no way to make a judgment without having much more information. However, one thing regarding the proposed deal can be stated with reasonable certainty, which is, if the three remaining owners are not likely to get along with each other and therefore not likely to agree on much, the deal is probably one that is best avoided.
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