Partitioning a big property

Discussion in 'Buying & Selling Real Estate' started by Corzhens, Aug 15, 2015.

  1. Corzhens

    Corzhens Senior Investor

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    We have a long time friend who bought some hectares of land in the suburbs. The problem arose when that friend died and the heirs - 4 children - are having confusion with the property. One wants to dissolve it by selling and dividing the proceeds equally while another wants to retain his share so he can continue developing it as an orchard. It is fortunate that the other 2 heirs are just silent and has no opinion for the time being.

    But what do you think is the best way to do it.
     
  2. Rainman

    Rainman Senior Investor

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    There could be two solutions to the problem. Either subdivide the land and everyone will do whatever they please with their pierce or those who want the land, as it is, for farming, can buy out the ones who want to sell their piece of land.
     
  3. crimsonghost747

    crimsonghost747 Senior Investor

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    Well either they will have to sell and split the money or then simply just split it into 4 parts and that's it. If it's being split then each one can do what they want with it... the most likely scenario would be that the ones who want to keep it would buy the parts from those who don't want to.
     
  4. Corzhens

    Corzhens Senior Investor

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    There are several cases like that within my circle. One of the heirs refuses to sign the deed of sale so it's a no go. A lawyer advised the claimants to file a suit against sibling so the court will be the one to force that sibling to allow the sale. But there are vested interests in those cases since most of those who do not want to sell are the occupants of the property. Well, it's clearly taking advantage of the situation. But come to think of it, they are siblings from one family and they can do that. What evil intentions.
     

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