How can I be assured of getting my fair share?

Question

I own 1/3 common interest of a piece of property far away and one owner wants to sell. Value less than 3,000. What should I do.

Answer 1

Is the property owned by 3 people, 1/3 each? If so, unless there is a contract to the contrary, one owner would not be able to force a sale.

I think a more relevant question is, do you want to have the property sold?

If it does sell, it seems to make sense that you would receive 1/3 of the net. If it's sold by a broker or similar, ask that your 1/3 of the proceeds be paid directly to you.

Answer 2

Since you are on the deed to the property, the other owner or owners can not sell without your signature. They can force the sale by filing a lawsuit for partition. When this goes to court, the judge will order the land sold, and the profits split among all the owners.

Lawsuits for partition usually drag out for a couple years in the legal process, and cost thousands of dollars in legal costs. The court costs will eat up the total value of the land since the land is worth so little.

Answer 3

Seek legal aid - contact the Town Hall where you live and ask for their advice.
Is anything written somewhere to prove 1/3 belongs to you? If yes, you won't have any problems.