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  1. #1
    Join Date
    Mar 2008
    Posts
    1

    Default How To Divide Up The Land

    Our father did a quit claim deed to us 7 children in Wisconsin. Three of the kids do not want the land anymore.

    My question is, how do we determine what the fair market value is for the four of us who want to keep the land to buy the other three out.

    Let's say the property is valued at $100,000. Does that mean they must each get the approximately $14,000-plus or is it all negotiable? How soon do we have to pay them what they're entitled to and if they want their money right away, does that force the rest of us to seek financing/loan in order to accommodate them?

    And for the four of us remaining, it is also up to us to negotiate who gets which part of the land and say one of us wants to build, etc., my understanding is that the other 3 must agree which chunk of the property they get, that they can't just choose the best parcel, etc.

    I hope this makes sense.

    Thank you for your time and consideration.

  2. #2
    Join Date
    Jul 2006
    Posts
    2,652

    Default Re: How To Divide Up The Land

    Quote Quoting toddmishler
    View Post
    Our father did a quit claim deed to us 7 children in Wisconsin. Three of the kids do not want the land anymore.

    My question is, how do we determine what the fair market valueis for the four of us who want to keep the land to buy the other three out.
    You get an appraiser.

    Let's say the property is valued at $100,000. Does that mean they must each get the approximately $14,000-plus or is it all negotiable? How soon do we have to pay them what they're entitled to and if they want their money right away, does that force the rest of us to seek financing/loan in order to accommodate them?
    It can be negotiable. How soon you would have to pay them would be based on the terms that both sides agreed on.

    If an agreement can't be made, the 3 that want to sell could file a partition action, which could force a sale and then the money would be split, but that is an expensive procedure.

    And for the four of us remaining, it is also up to us to negotiate who gets which part of the land and say one of us wants to build, etc., my understanding is that the other 3 must agree which chunk of the property they get, that they can't just choose the best parcel, etc.
    Again this would be something you all would have to work out amongst you. Get the land surveyed and divided into parcels and then have each parcel appraised, then work it out from there.

    However, you could leave it up to me, but I would probably have people draw straws or better yet, everyone gets a flag and then they could race to the divided parcels and do a land grab. (First one to get their flag in the parcel of their choice wins that parcel.)

    ----------

    Seriously, it would be wise to seek advice from a real estate attorney. This could get really messy with this many people involved.

  3. #3
    Join Date
    Oct 2007
    Location
    Ohio
    Posts
    2,365

    Default Re: How To Divide Up The Land

    The quickest (and fairest) way is to sell it at public auction and split the money seven ways.

    It's unlikely all of you will agree on a single solution.

  4. #4

    Default Re: How To Divide Up The Land

    I agree. Get everybody to agree to sell at public auction. Divide the land up into 4 parcels sell it to the highest bidders.

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