My home has three owners. One wants to keep it, two want to sell it. We have tryed negociating. If things went smooth, did not get bogged down at all, how would this process carry out in the best case for the two wanting to sell it. For example we get a lawyer and he files a petition to partition. The court gets it. They give the one who wants to keep it a month to find a way to buy it himself? If he can't they begin the selling process? I know courts are slow and any given motion/pleading/other takes at minimum 1 month. If it was written in a will and notes from the person who they inheritted it from wanted them to sell it, what can possibly slow the process down besides if he got his own lawyer whos goal was to stall it out? How much will this cost the two who want to sell it, 10%?
Real Estate Attorney
You have a lot of questions. Usually the court orders 2-3 appraisals and a value will be determined. If party who wants to keep the property can't buy the other two out, then (since it can't physically be split), the property will be ordered to be sold and the proceeds split (less expenses). The court may opt to appoint a receiver for this process. Obviously it is much less expensive for the parties to agree because costs could be substantial.