Can a minority interest owner in a property be forced to sell by the majority?

Get Legal Help Today

 Secured with SHA-256 Encryption

Can a minority interest owner in a property be forced to sell by the majority?

There are 3 people who each inherited a 1/3 interest in a piece of property. Now, 2 of the 3 owners want to sell. Since they are in the majority, can they force the 3rd party to ‘go along’ with them and sell the property?

Asked on August 30, 2016 under Real Estate Law, Colorado

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

When owners of jointly held property cannot agree on ownership matters, such as whether or not to sell, the law allows "partition". This is a legal remedy that entails going to court before a judge who will order a division of the property if practical. If not, they will order that it be sold and the proceeds distributed equitably. If the event of such a forced sale, the court will allow any owner who wishes to retain the propety the right of "first refusal". This means that they can offer to buy out the party or parties who want to sell, for fair market value before offering it to the public for sale. That having been said, a partition action can be a costly and time-consuming process. Accordingly, at this point, you may want to go over all of this with the party who refuses to sell. It's quite possible after being informed of all things, they will be more agreeable to working things out without the necessity of court action.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption