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Settling Undivided Land Advice
Posted on 6/27/23 at 9:35 pm
Posted on 6/27/23 at 9:35 pm
My parents hold an undivided interest in 2 tracts of land in New Roads. There's ~20 people involved, maybe more depending on how many have died since an oil company last figured out all the involved parties around 2015. My parents and my mom's siblings want to sell their share, the whole thing, whatever just settle it once and for all before it becomes an even bigger mess for their heirs. Does anyone have any advice on doing this or know any attorneys that specialize in handling this kind of thing? There is an outside party kinda involved that has acquired some interest in the land over the past decades and it's only a matter of time before he probably just takes it if we can't rally the group.
This post was edited on 6/28/23 at 8:17 am
5
Posted on 6/28/23 at 5:00 am to Fat Batman
What is your goal? Acquire it all? Get rid of your share and avoid the headache? Other?
Having an undivided interest with a bunch of others is often a PITA. You can offer to sell your interest, and offer to buy that of others, but you can't force anyone to do anything unless someone goes to court and sues for partition.
A partition suit often results in a bunch of legal fees with not very happy results. The court can divide the property "in kind" by dividing the property into separate tracts for each co-owner based on their % interest. That's not feasible unless it is a big tract that can be divided into equal value tracts of decent size with equal road access, etc. The other option is the court orders the property sold at sheriff's sale, with the proceeds divided among the co-owners. You or anyone else could bid on it. That's usually not going to bring a price as good as might be obtained by private sale.
Having an undivided interest with a bunch of others is often a PITA. You can offer to sell your interest, and offer to buy that of others, but you can't force anyone to do anything unless someone goes to court and sues for partition.
A partition suit often results in a bunch of legal fees with not very happy results. The court can divide the property "in kind" by dividing the property into separate tracts for each co-owner based on their % interest. That's not feasible unless it is a big tract that can be divided into equal value tracts of decent size with equal road access, etc. The other option is the court orders the property sold at sheriff's sale, with the proceeds divided among the co-owners. You or anyone else could bid on it. That's usually not going to bring a price as good as might be obtained by private sale.
Posted on 6/28/23 at 5:08 am to Fat Batman
You don't really need an attorney to sell your interest in an undivided property although having one is probably a good idea. If some parties want to sell they can negotiate with a buyer to purchase their shares in the undivided land. They also can force a sell if they want but that will be more costly because you will need a survey to divide the land and that can get messy. If it gets to that point an attorney is advisable. Mineral rights can stay or go with the sale if you want.
This post was edited on 6/28/23 at 5:12 am
Posted on 6/28/23 at 5:24 am to Fat Batman
quote:It’s “tracts” of land.
My parents hold an undivided interest in 2 tracks of land
Good luck on this, I’d consult an attorney who specializes in estate work and try and sell out to the outside party.
Be done with it, it’s a nuisance.
Posted on 6/28/23 at 7:07 am to soccerfüt
Cy D’aquilla is an attorney in new roads who deals with this kind of stuff
Posted on 6/28/23 at 8:22 am to Fat Batman
"There is an outside party kinda involved that has acquired some interest in the land over the past decades and it's only a matter of time before he probably just takes it if we can't rally the group."
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Who has been paying the taxes?
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Who has been paying the taxes?
Posted on 6/28/23 at 8:44 am to Twenty 49
quote:
What is your goal? Acquire it all? Get rid of your share and avoid the headache? Other?
but you can't force anyone to do anything unless someone goes to court and sues for partition.
I think that is the goal find an attorney to organize and handle an amicable sale or sue for partition with the judge hopefully forcing the sale since these are relatively thin and long tracts I don't see how dividing it would benefit anyone involved.
quote:
You or anyone else could bid on it. That's usually not going to bring a price as good as might be obtained by private sale.
We are capable of defending the price even if that means we ultimately end up with it. I'm fairly certain the 3rd party with divided interest in the land would be bidding with high interest as well.
Posted on 6/28/23 at 8:46 am to soccerfüt
quote:
Be done with it, it’s a nuisance.
That's really the goal, my parents and mom siblings want to settle it so it doesn't become their heirs problem. And honestly everyone involved probably wants to sell it, just need someone to handle it.
Posted on 6/28/23 at 8:49 am to ItzMe1972
quote:
Who has been paying the taxes?
Not 100% sure, but I feel like I've heard the 3rd party guy has been handling it. Some of the land is leased out I believe for pecan trees maybe and there appears to be a business operating off a piece of one of the tracts on False River Road. I think those proceeds are used to pay the taxes.
This post was edited on 6/28/23 at 8:50 am
Posted on 6/28/23 at 9:08 am to Fat Batman
These things can be a giant pain in the arse, especially if it's old family land that hasn't been properly transferred to the children/heirs over the years through proper succession proceedings. It will be costly for an attorney to figure out who all the current owners are and make sure all the proper succession documents get filed to vest the current owners with title (to the extent it hasn't been done before). It's doable, but a pain in the butt.
And if all the owners can't agree to sell or what the terms of the sale is, then your parents are left filing a partition action with the court and forcing the sale that way.
The guy that said you don't need an attorney for this is an idiot, especially if you want it done correctly.
And if all the owners can't agree to sell or what the terms of the sale is, then your parents are left filing a partition action with the court and forcing the sale that way.
The guy that said you don't need an attorney for this is an idiot, especially if you want it done correctly.
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