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Emma1133
Guest
What is the name of your state? CA
My siblings and I are 10% undivided minority owners of an unzoned property (50acres) in a metropolitan area in California. The majority owner (90%), a developer, is suing for a partition sale.
As a zoned piece of property, commercial/residential, our value increases dramatically and the majority owner is working to make this happen. Although we do not have the resources to assist this rezoning, we would like to hold on to our interest until that is complere. The developer has pressured us to accept an offer based on the value of the landed unzoned get rid us, however, this was basically less than our cost basis and unacceptable. Additionally, he offered up silent partnership, however considering our past dealings with this individual, we do not have confidence that it would pay off in the long run. One of the siblings is paranoid that we will get “screwed”
If possible, we’d like to hold on to our percentage until the property is zoned and then sell. The ideal situation would be an equitable partition without a sale and we’d end up owning 5 acres of zoned property a few years down the line. What are the chances of this happening?
In a partitioned sale, I’m sure we’d come out on the losing end. The property would be valued as unzoned, and I’m sure the majority owner would pick it up via a crony that would purchase the property at a fraction of what it is worth. How do we prevent a partition sale?
There are some unusual title dealings going on. Initially, the developer purchased 90% ownership and then offered us a small amount for the remaining 10%. When rejected, he stated that he would take it to a partition sale. Since that time, the developer’s title has transferred to a new individual, the lawyer for the developer is still the same, and it is the new individual that is suing a for a partition sale. I suspect that this new player has a backroom agreement with the developer to take this to a partition sale so that the developer can buy both him and us out a small premium. How is it possible for a new individual to sue us for a partition sale even if we’ve had no interaction with him?
This developer has significant resources and we do not. Up to this point we’ve only been able to be passive and take no action. Do we have any recourse against the developer. Or can we slow down the process. What will the courts think and how will they rule? You input is appreciated.
Sincerely,
Emma
My siblings and I are 10% undivided minority owners of an unzoned property (50acres) in a metropolitan area in California. The majority owner (90%), a developer, is suing for a partition sale.
As a zoned piece of property, commercial/residential, our value increases dramatically and the majority owner is working to make this happen. Although we do not have the resources to assist this rezoning, we would like to hold on to our interest until that is complere. The developer has pressured us to accept an offer based on the value of the landed unzoned get rid us, however, this was basically less than our cost basis and unacceptable. Additionally, he offered up silent partnership, however considering our past dealings with this individual, we do not have confidence that it would pay off in the long run. One of the siblings is paranoid that we will get “screwed”
If possible, we’d like to hold on to our percentage until the property is zoned and then sell. The ideal situation would be an equitable partition without a sale and we’d end up owning 5 acres of zoned property a few years down the line. What are the chances of this happening?
In a partitioned sale, I’m sure we’d come out on the losing end. The property would be valued as unzoned, and I’m sure the majority owner would pick it up via a crony that would purchase the property at a fraction of what it is worth. How do we prevent a partition sale?
There are some unusual title dealings going on. Initially, the developer purchased 90% ownership and then offered us a small amount for the remaining 10%. When rejected, he stated that he would take it to a partition sale. Since that time, the developer’s title has transferred to a new individual, the lawyer for the developer is still the same, and it is the new individual that is suing a for a partition sale. I suspect that this new player has a backroom agreement with the developer to take this to a partition sale so that the developer can buy both him and us out a small premium. How is it possible for a new individual to sue us for a partition sale even if we’ve had no interaction with him?
This developer has significant resources and we do not. Up to this point we’ve only been able to be passive and take no action. Do we have any recourse against the developer. Or can we slow down the process. What will the courts think and how will they rule? You input is appreciated.
Sincerely,
Emma