partition of farm property

[matco]

4 relatives by deed own an undivided interest in a 100 acre farm plus a house of the property valued at $100,000. Since we cant agree on the management we have somewhat agreed to divide. a survey has been done but not yet signed. the main question is if it is subdivided do all parties still own the house or since one party accepts the subdividion did he give up interest in the house or can he be paid for that interest.

 

[HomeGuru]

4 relatives by deed own an undivided interest in a 100 acre farm plus a house of the property valued at $100,000. Since we cant agree on the management we have somewhat agreed to divide. a survey has been done but not yet signed. the main question is if it is subdivided do all parties still own the house or since one party accepts the subdividion did he give up interest in the house or can he be paid for that interest.

**A: first you need to have the local jurisdiction approve the subdivision. Of course you should obtain legal counsel since the house will be owned by the owner(s) on whatever piece or pieces of land the house sits on.