splitting up property from an estate (1 Viewer)

[diat150]

someone in my family is looking at splitting up a large tract of land between 3 persons. obviously it is tough to split up land. on this land includes a canal and also some right of ways for a pipeline. just so happens that the pipeline and the canal takes up a huge portion of one of the "tracts". I was never really involved with a situation like this and everything is just preliminary right now but it seems the one person getting the canal and the pipeline is getting the short end of the stick. the others all have nice large tracts of open land.

my question is, do they usually appraise areas of the property and split it up fairly according to value? obviously a tract of land that has right of ways and a canal isnt as valuable as a piece of property that has neither. just wondering if they should try and accomodate the person that ends up with the canal and the pipeline right of ways by giving them a slightly larger piece of land to make up for the value lost.

the thing is all 3 of the involved lives on the property, 2 would end up with nice open property surrounding their home, and the other would end up with their current property surrounded, and a tract including the canal and the pipeline, next to their current property.

 

[antipop]

my question is, do they usually appraise areas of the property and split it up fairly according to value?

from my experience you can split the property anyway you want, but some parishes may have different requirements for resubdividing property......i have done plenty of resubdivisions in the past years of all shapes and sizes, but mostly in orleans and jefferson ....i work for a land surveyor

 

[Jonesy77]

someone in my family is looking at splitting up a large tract of land between 3 persons. obviously it is tough to split up land. on this land includes a canal and also some right of ways for a pipeline. just so happens that the pipeline and the canal takes up a huge portion of one of the "tracts". I was never really involved with a situation like this and everything is just preliminary right now but it seems the one person getting the canal and the pipeline is getting the short end of the stick. the others all have nice large tracts of open land.

my question is, do they usually appraise areas of the property and split it up fairly according to value? obviously a tract of land that has right of ways and a canal isnt as valuable as a piece of property that has neither. just wondering if they should try and accomodate the person that ends up with the canal and the pipeline right of ways by giving them a slightly larger piece of land to make up for the value lost.

the thing is all 3 of the involved lives on the property, 2 would end up with nice open property surrounding their home, and the other would end up with their current property surrounded, and a tract including the canal and the pipeline, next to their current property.

In Texas, what I think they're trying to accomplish is called a partition. Joint owners of property can demand a partition before a court if one cannot be agreed. The court will try to equitably parcel out the property according to value. If it's just one owner trying to break up his own land, he can do it however he wants, and the people getting the 3 tracts can just deal with it.

Those are just general rules in Texas. Exceptions abound.

 

[diat150]

yeah, partition in kind. i mostly wanted to make sure that the land is split up according to value and not according to size. the other parties are going to have to realize this and not just go by what the surveyor says is equal parts property by size. Its not necessarily my dog in this fight but it is in my future interest to make sure that things are split equally and fairly on something that everyone agrees on. hopefully the others see it this way, but greed in this type of deal is pretty typical. if it were my property, I would sell it and just split the money. money is easier to split than property.

 

[Hoyasaint]

yeah, partition in kind. i mostly wanted to make sure that the land is split up according to value and not according to size. the other parties are going to have to realize this and not just go by what the surveyor says is equal parts property by size. Its not necessarily my dog in this fight but it is in my future interest to make sure that things are split equally and fairly on something that everyone agrees on. hopefully the others see it this way, but greed in this type of deal is pretty typical. if it were my property, I would sell it and just split the money. money is easier to split than property.

There is significant law in Louisiana regarding this issue. However, the best course of action is to go and get a lawyer to take care of this right the first time otherwise it will be more costly with more lawyers the second time around when this thing gets all mucked up and someone gets screwed.