Hi, I’m Beth with TB Properties Buys Land. Last week we discussed undivided interest. What we discussed was that undivided interest is a term used to discuss different types of ownership of a property in which one or more people own a share of that property, whether it was inherited and they own it by an inheritance left to them.
It doesn’t matter if the shares are unequal; everyone has an equal right to the property. However, when it comes to selling that property everyone must be in agreement, and everyone must sign off on any kind of changes that happen to that property.
It’s pretty dismal when it comes to being able to sell your property, if you’ve got undivided interest. If you look at your legal description and within it you see UNDIV and it has a percentage within the legal description, chances are that you do not have 100% ownership of your property and that you share it with someone else or even multiple other people.
If this was passed down through multiple generations you may see that the property has been continually split and smaller percentages are passed down. Again, it does look pretty dismal as to whether you can sell that property as a whole to someone like TB Properties Buys Land, or to anyone else. You can, however, always sell your share, if somebody’s actually interested in that but they are not buying the entire parcel, merely a fraction of a share in the entire parcel.
With that said, there have been times in which TB Properties Buys Land has been able to purchase a property that had undivided interest. It is important to mention that in doing so, the people that we were buying from, they knew the other stakeholders, the other interest owners of that property and they were able to reach out to them and get everyone to agree on selling that property and what that price was going to be, and how much they were going to get for each part of the sale.
We work with the title company, and it depends, every state’s a little bit different, how this is handled. In this particular state the title company sent out affidavits of heirship. These were filled out by all of the property owners, they filled that information out. It took a lot longer to close, instead of being able to close in two to three weeks, I believe it took maybe two, two and a half, to three months, something like that.
These people that we purchased from were on the ball. They contacted everyone, everyone got their affidavits of heirship filled out and sent them in. When title paperwork came back and they were ready to close, everybody went in and got it notarized and they closed fairly quickly.
We’ve had this happen a couple times, where we’ve been able to buy properties that were not totally owned by the first person who was interested in selling to us. However, in order to make this happen correctly, we have to have everyone who’s on the deed, everyone’s who got an ownership stake in the property to sign off and we close through that title company.
If you have partial interest, if you know some of the other interest owners, or other interest holders, we might be able to work something out, we might be able to get everyone to agree, and to sign, and to be paid for selling the property. However, if you only have a very small percentage stake in the land and you know that there are possibly 20, 30, 100 plus heirs, chances are we’re going to look into it and we may have to tell you, “Hey, I’m sorry, we can’t buy that property from you.”
Now, like I mentioned, I think in last week’s video, every state is different, every state has different laws, there are ways that you can get with a real estate attorney and sometimes remedy the situation. But again, we are not attorneys, we’re not offering any legal advice, if TB Properties Buys Land cannot help you, your next step might be to reach out to a real estate attorney in your area and see what they can do.
If you’ve got a property, rural vacant land that you’re interested in selling, if you’ve got 100% ownership, then that’s easy, if there’s just a few of you, you know who is also partial ownership of that property reach out to us, we’re here to answer any questions that you might have and we’re interested in speaking with you. Thanks again for listening.