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<blockquote data-quote="TheBullLady" data-source="post: 394734" data-attributes="member: 173"><p>I'm also a farm and ranch Realtor, and have come across this problem more times than I care to recount.</p><p></p><p>Here in Texas, if five people inherit land ( with a will that's been probated) they are five joint owners. Which means each of the five have the same share. When one of the five dies, and leaves a will, whomever they have willed their "share" to will be a 1/5th owner. Of course if there are more than one heirs, the share is divided accordingly.</p><p></p><p>Inevitably one or more of the five owners will want to sell their share. The obvious would be to hire a real estate appraiser, and let the others buy out their share. Rarely does that get done without everyone getting mad at each other, and then the attorneys are the only ones that can sort it out. I've seen deals where the family couldn't decide who owned what, so the courts "partitioned" the land off. The one I was privy to took nine years of court battles to do.</p><p></p><p>I would also suggest all five get together and decide what they see the future of the farm being. Nows the time to figure it out, before it gets more complicated.</p></blockquote><p></p>
[QUOTE="TheBullLady, post: 394734, member: 173"] I'm also a farm and ranch Realtor, and have come across this problem more times than I care to recount. Here in Texas, if five people inherit land ( with a will that's been probated) they are five joint owners. Which means each of the five have the same share. When one of the five dies, and leaves a will, whomever they have willed their "share" to will be a 1/5th owner. Of course if there are more than one heirs, the share is divided accordingly. Inevitably one or more of the five owners will want to sell their share. The obvious would be to hire a real estate appraiser, and let the others buy out their share. Rarely does that get done without everyone getting mad at each other, and then the attorneys are the only ones that can sort it out. I've seen deals where the family couldn't decide who owned what, so the courts "partitioned" the land off. The one I was privy to took nine years of court battles to do. I would also suggest all five get together and decide what they see the future of the farm being. Nows the time to figure it out, before it gets more complicated. [/QUOTE]
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