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Multiple Beneficiaries of Agricultural Land

  • 23-08-2011 11:22am
    #1
    Beneficiary
    Closed Accounts Posts: 2 ✭


    Hi,

    I'm hoping someone can help me. A number of us (18) inherited a piece of agricultural land. My question is that if the majority of us (14) would like to keep this land and not sell and the minority (4) wish to sell, what happens in this case? Is it a majority rules situation?

    Thanks


Comments

  • #2
    mari2222
    Registered Users, Registered Users 2 Posts: 568 ✭✭✭mari2222


    Unless that's a specific condition on the transaction, no. The ones who want to keep it need to negotiate to buy out the others.
    If the ones who want cash dont agree to sell to the rest, they can force a sale anyway.
    this is my opinion, and is not advice.


  • #3
    Beneficiary
    Closed Accounts Posts: 2 ✭Beneficiary


    Hi,

    Thanks for that. Well it can be kept, just considering the number of people involved it can get tricky. Majority want to keep it. Crazy time to sell land really. If anyone knows the legal answer that'd be great.


  • #4
    coylemj
    Registered Users, Registered Users 2 Posts: 25,702 ✭✭✭✭coylemj


    Leaving aside the legal issues, maybe if the 4 are so keen to sell then the 14 should make them an offer to buy them out, should be a bargain given the depressed state of the market and the fact that none of the banks are lending to buy agricultural land.


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