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If you inherited a percentage of real estate and business can you force a sale?
Wiki User
∙ 15y ago
Yes you can. The process is known as a partition action. If you as one of several co-owners of real estate or a business want to sell it but the other owners refuse, you can file a lawsuit in court to force the sale. The property or business interest will be sold one way or another, either by some owners buying you out or selling the property or business on the open market either by a private sale or by auction in order to maximize the price. The court will usually give the parties time to work things out among themselves. If no agreement on a buy-out value can be reached, the court will do one of two things. It may order that the property or business be put up for auction and be sold to the highest bidder, whether bidding is limited to the owners or exposed to the open market. Or there could be a trial on the value of the interest with the court deciding the value and directing that the owners who do not want to sell, pay you the appropriate percentage of the value as determined by the court. No person may be forced to co-own property with others. This is why the partition action is an equitable remedy for persons who want to sell but are not able to because of the actions of the other owners.
Wiki User
∙ 15y ago
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