QUESTION
In the case of a Partition Action of a family owned property, if the property is sold at auction, do the owners get the first opportunity to bid?
Asked on Jan 12th, 2015 on Estate Planning - Michigan
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In the case of a Partition Action of a family owned property, if the property is sold at auction, do the owners get the first opportunity to bid on it before the general public does?
1 ANSWER
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James T. Weiner, P.C.
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No not necessarily. Generally the owners can offset the purchase price by their equity interest and only pay the balance.
Answered on Jan 14th, 2015 at 7:17 PM