QUESTION
What do I need to do to sell off my interest in land that I own 1/4 of?
Asked on Jan 30th, 2013 on Estate Planning - Michigan
More details to this question:
Good morning. I am between a rock and a hard place and need some advice. I was awarded, by the State of Michigan, 1/4 ownership of family land, upon my mother's death. The other 3/4 were awarded to my 3 siblings. Due to severe circumstances I MUST utilze this asset to alter my life. My question is, since the land is not subdivided, but I clearly am 1/4 owner what do I need to do to sell off my interest in the land? I cannot afford to have it surveyed and have interested parties but do not know where to begin. Because of this land I cannot declare bankruptcy and am working and living in complete poverty. At 55 years of age I cannot fathom continuing this way any longer. I must sell and give myself an opportunity to a life.
5 ANSWERS
Business Law Attorney serving Livonia, MI
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Gerald A. Bagazinski
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You can ask your siblings to buy you out. You can sue for partition. An attorney may take a lien on the property to help you partition and dispose of the property.
Answered on Feb 06th, 2013 at 5:04 AM
Real Property Attorney serving Utica, MI
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Douglas A. Tull, P.C. Attorney at Law
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Sell it to your siblings. You could list it for sale - though there will not be much of a market for it.
Answered on Feb 04th, 2013 at 10:22 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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You will have to see an attorney. I suspect that you are a 1/4 tenant in common, could sue for partition, or be bought out by the other 3, or all agree to sell the land and divide the proceeds. Your undivided 1/4 interest will have limited market attraction and therefore value.
Answered on Feb 01st, 2013 at 7:54 PM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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Before deciding what to do on this, I really think you need to see an attorney. I know that money is an issue, but many attorneys have free initial consultations. You should not be making major financial decisions such as this without legal counsel.
Answered on Feb 01st, 2013 at 7:51 PM
If you own an undivided one-quarter interest in real estate that cannot be partitioned so your piece can be sold you can try petitioning the local circuit court to order its sale as a whole. Of course, you could sell to one of your siblings or anyone else seeking such an investment.
Answered on Feb 01st, 2013 at 7:35 PM