Have you ever heard the phrase “undivided interest” and wondered what it meant? Undivided interest means the title to a piece of real estate is held by two or more persons, but that the land itself is not divided among them; the land is a single, undivided parcel. This type of ownership usually occurs when a piece of property is inherited by siblings or if friends/partners/investors buy a piece of land together.
What happens when one of the owners wants to sell the land but the others are not in agreement? What do you do? If not dealt with early, professionally and properly, you can end up with a big mess, squabbles, and fights. With proper planning, disputes can usually be avoided. The last thing you want is for the property to be the cause of anger, resentment, and frustration among your loved ones. Pat Porter, owner and broker at RecLand Realty, offers some suggestions on how an owner can approach this type of situation. After all, land ownership should be a big blessing, not a big burden.
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