Uniform Partition Of Heirs Property Act
Effective July 1, 2020, this new statute essentially provides a right of first refusal, allowing heirs property cotenants to purchase the property interests of cotenants seeking partition before the property is divided or sold. The law requires a court to determine the fair market value of the property, either through court ordered appraisal or based on the agreement of the parties before the court proceeds to partition.
The partition will be in an open-market sale by a court appointed real estate broker, instead of an auction as the statutes currently require.
Barry Miller Law is familiar with all aspects of real property law. If you, or someone you know, has legal questions concerning real estate, business or probate law, contact Barry Miller Law for assistance at 407-423-1700 or email us at info@BarryMillerLaw.com for a consultation.