Heir property

T

Texas81

New Member
Jurisdiction
Texas
Our family has Heir property in Texas with 51 co-tenants. Two of the co-tenants want to be bought out. Is there a Texas law on certain percentage we can buy them out at?
 
Texas81 said:
Our family has Heir property in Texas with 51 co-tenants.
Click to expand...

What does that even mean? Are there 50+ names on the deed?

Texas81 said:
Two of the co-tenants want to be bought out. Is there a Texas law on certain percentage we can buy them out at?
Click to expand...

No.

The "wants" are at the mercy of the "haves."

In other words, the owner with the money (the "have") can dictate the how much to the owner's that want out (the "wants"), or just choose not to buy them out at all.

Then, if the "wants" want out bad enough they can spend lots of money on a lawyer and court for a "partition action."

PS: Multiple threads on the same topic are not permitted. I deleted the duplicate. Please keep all future discussion on anything even remotely connected to this topic in this thread. Thanks.
 
Last edited:
adjusterjack said:
What does that even mean? Are there 50+ names on the deed?



No.

The "wants" are at the mercy of the "haves."

In other words, the owner with the money (the "have") can dictate the how much to the owner's that want out (the "wants"), or just choose not to buy them out at all.

Then, if the "wants" want out bad enough they can spend lots of money on a lawyer and court for a "partition action."

PS: Multiple threads on the same topic are not permitted. I deleted the duplicate. Please keep all future discussion on anything even remotely connected to this topic in this thread. Thanks.
Click to expand...

Thank you for your help....
 
The person or persons whose names are on the deed have no obligation to anybody whose names are not on the deed unless there is some sort of contract between them and the 51 "co-tenants" (whatever that means).

What is it that makes the two "wants" think that they have any real interest in the property that they can sell to anybody?
 
adjusterjack said:
The person or persons whose names are on the deed have no obligation to anybody whose names are not on the deed unless there is some sort of contract between them and the 51 "co-tenants" (whatever that means).

What is it that makes the two "wants" think that they have any real interest in the property that they can sell to anybody?
Click to expand...
They are each a heir and they want to be bought out by the family because they feel that are unable to contribute financially
 
Texas81 said:
They are each a heir and they want to be bought out by the family because they feel that are unable to contribute financially
Click to expand...

Heirs don't have any rights to anything until the property owners on the deed are dead and the estate is being distributed.

Nor, by the way, do the "heirs" have any obligation to contribute financially to property they don't own.

So, again, what is it that makes any of the 50 + "heirs" think they "own" anything that they can get money for?
 

Ask a Question

Share this page

Get a free case review from a lawyer
Back
Top