My family owns a property in Floirda with 2 other people. One of them wants to sell and the other does not.
The party that does not want to sell is unfriendly. They own 25%.
The other good owner ( 37.5%) and I ( 37.5%) have discussed the possibility of filing a partition action. Their opinion is that it takes 3-7 visits to get some kind of a judgement and we can hire an attorney for about $5000.
According to an appraisal and a lawyer's opinion the court is likely NOT to recommend a partition, but request liquidation.
We would like to sell the property and split the proceeds. I am talking with some potential buyers and the outlook is good. I will be the agent for the sale, unless the court appoints someone to do it.
Of course we think it would be wise to avoid court and the possibility that we would not get the full market value if someone could bid on it.
The other 25% owner ought to agree to sell. After we threaten the lawsuit and they talk to their lawyer, we hope they realize we can force the sale. We hope they want to avoid the legal costs and know they cannot stop us from selling. They stand to gain a lot of money from the sale so it may be a big, happy surprise to them when they realize the value.
1. Could there be a sale on the courthouse steps?
2. Can some bidder buy it from us? I do not want that...I just want to sell.
3. What are the dangerous parts to a forced sale? A lawyer told me we should be prepared to pay the value of the property or someone else could buy it at an auction.
4. The 2 good owners said they will pay me a commission. Can the other bad owner refuse to pay a commission?
5. Will the court recommend an appraisal? Will each owner have the opportunity to buy the other out?
Thank you very much for any advice! Please contact me if you have any experience or knowledge about partition actions. You can contact me at email@example.com