Sale of Jointly Owned Properties when Parties Don't Agree

[Melissa/Oregon]

My brother and I are co-owners on 2 lots of lake-front vacation property in Wisconsin. He would like to keep one of the lots for himself and sell the other. I am OK with doing this. The lot he wants to keep is appraised at approximately 5% over the lot he wants to sell. I assumed that we would jointly sell the lot he does not want to keep, and use that selling price as the cost basis for the transfer of my ownership in the lot he wants to keep, with him paying me 1/2 of the selling price + 5% for my half of the lot he wants to keep. My brother says that arrangement is unacceptable. The only other way I see to do it is to give up my ownership in the lot he wants to keep in exchange for full ownership of the lot he doesn't want to keep and then I am free to sell the other lot on my own. The downside I see in this is that I am on the hook for all the RE selling costs and capital gains on my own, and there's no compensation for the 5 value difference in the lots.
Can someone help me understand the best way to handle this.

 

[justalayman]

The most proper way is you sell the one lot and split the proceeds. Then he purchase your half of
The remaining lot at whatever price the both of you agree to.


If he doesn't like that, just tell him you aren't going to sell your half of either lot and it
Can remain as it is. If he doesn't like that he can sue you to partition the property and have it cost both of you money you don't otherwise need to pay


And it will end up basically as I describe in my first suggestion, minus all the legal costs of course.