Real Estate: Hire Attorney Before Dividing Property Money Between Siblings

Added February 20, 2009 by Ilyce R. Glink

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Summary: What's the best way to sell land and divide the money between several siblings? Ilyce suggests hiring a good real estate attorney to help sell the property and divide the money.

Q: I own some land in Mississippi along with 6 siblings. We have an interested buyer so we are having the timber appraised as well as the land. The land is about 85% timber. We are not using a real estate agent unless we don't get a fair price from the perspective buyer. I think that we will need a Real estate closing attorney. We live in Georgia but the property is in Mississippi. What things should we be aware of when we do decide to sell? Thank you for your comments.

A: I would find a real estate attorney who handles timber contracts as well as land sales. There may be environmental issues as well as state or federal issues. Also, you need to divide the money into 6 pieces, and handle details from out of state. Find a very good attorney to handle this for you.

Jan. 1, 2004.

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