I f I’m part owner of land, how do I get bought out?
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I f I’m part owner of land, how do I get bought out?
There are 6 owners of land but some do not want to sell. Therefore, how do I go about getting them to buy me out?
Asked on April 12, 2017 under Real Estate Law, Ohio
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
In a situation wherein co-owners of real estate cannot agree as to ownership matters, the law provides the remedy of "partition". In a partition action, if a property can be equally divided, the judge will instruct that it be done. If it cannot be so divided, then the court will order a sale with the proceeds to be equitably distributed. First, however, any owner or owners who want(s) to keep the property will have the chance to buy out the other owner(s) for fair market value. Otherwise, the property will be offered to the public.
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