Multiple owners - how to sell?

What is the name of your state? Rhode Island

Nine (9) cousins own a property together, inherited together from a grandparent. What are the procedures if one wants to sell his or her share? Does it require a majority to come to decisions? Can one of the cousins force a sale? Can one of the cousins block a sale if that is desired by a majority? What is the best device to ensure easy decision making? An LLC?What is the name of your state?

mvanduren said:

What is the name of your state? Rhode Island

Nine (9) cousins own a property together, inherited together from a grandparent. What are the procedures if one wants to sell his or her share?

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That person can sell their share to anyone they wish.

Does it require a majority to come to decisions?

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No

Can one of the cousins force a sale?

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Not under this scenario? However, if the question is the entire parcel then yes.

Can one of the cousins block a sale if that is desired by a majority?

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Again, if you're talking about one party's share then no. If you're talking about the whole, yes.

What is the best device to ensure easy decision making?

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Never deal with family

An LLC?What is the name of your state?

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not really.

O.K. here is the Reader's Digest version.

If you want to sell your share to someone and they don't mind owning a part of a part, then you are free to do so without permisison.

If you want to sell the entire parcel for which other's own a part, then you need to file partition which does not require 'permission' of anyone.

Bring a Suit of Partition

You should have an attorney petition the court to bring a suit of partition of the property against the other interested parties, it works, you will get what you want, but it cost me around 18 grand when all was said and done, but it was a large piece of property and well worth it, just make sure your monetary interest in the property excedes the legal fees. With a determined family member not wanting to sell and a creative lawyer, you could really rack up the billable hours.