Detailed Answer — What you need to know under Maine law

If you co-own family land in Maine and a co-owner offers to buy out your interest for far less than a recent appraisal, you have several practical options and legal protections. Co-owners generally have the right to seek an amicable buyout or, if negotiations fail, to force a partition through the courts. A partition can lead to a physical division of the property or a sale and split of proceeds. See Maine’s partition statutes for the court remedy and procedure: 14 M.R.S. §6321 et seq..

Key legal points (plain language):

• Co-owners may voluntarily negotiate a buyout at any price they agree to. Maine law does not force a specific price in negotiated sales between willing parties.
• If you cannot agree, you may file a partition action in Maine Superior Court. The court can order a sale of the property and divide proceeds, or, rarely, divide the land physically if equitable. The sale proceeds are typically divided according to ownership shares after settling liens, costs, and adjustments.
• Courts consider market value, not necessarily a single appraisal figure. Courts can order appraisals or appoint commissioners to value property. A forced sale can yield less than an open-market private sale.

Practical consequence: an underpriced private buyout is avoidable if you use leverage (an independent appraisal, mediation, or the credible threat of partition). But filing for partition carries costs, time, and risk of a lower sale price.

How courts typically value interests and why an appraisal alone may not control price

Court valuation focuses on fair market value at the time of sale. Appraisals are persuasive evidence of value but are not binding. The court may consider multiple appraisals, broker opinions, comparable sales, and the property’s condition, zoning, and encumbrances. If the co-owner’s low offer comes with a quick cash benefit to you, weigh that against likely net proceeds if the court orders a sale.

Common buyout structures you can propose

• Cash buyout at an agreed percentage of a new independent appraisal.
• Installment payments or promissory note with interest and security (mortgage or deed of trust) to protect you.
• Buy-sell formula: average of two independent appraisals, or appraisal plus a fractional discount for minority interest.
• Deferred buyout with staged payments tied to property sale or refinancing.

Hypothetical example

Imagine a 50% co-owner offers you $50,000 when a reputable appraiser lists your 50% share as worth $150,000 (half of $300,000 market value). Reasonable responses include: getting a second appraisal, proposing a buyout equal to the average of two appraisals, offering a security interest if accepting payments, or proposing mediation. If negotiations stall, tell the co-owner you will seek partition — a step most people avoid because courts can force a sale and split costs.

Step-by-step negotiation strategy

1. Get independent valuation(s). Order at least one updated, certified appraisal or an appraisal review by a licensed Maine appraiser. Use a local appraiser familiar with the county market.
2. Document comparable sales. Gather recent local sales data that supports the appraisal value.
3. Prepare a clear written proposal. Offer a precise buyout number and structure (cash, note with security, staged payments). Explain how you calculated the figure (appraisal average, less agreed transaction costs, adjustments for encumbrances).
4. Suggest neutral mediation. Propose a mediator experienced in real estate or family disputes. Mediation is faster and cheaper than litigation.
5. Consider a buy-sell formula. Use an agreed formula (e.g., average of two appraisals; if one party wants to buy, they must pay 105% of the appraisal and the other party can choose to buy instead at that price). A simple “base-plus” rule reduces incentive to lowball.
6. Prepare for partition as leverage. If negotiations fail, consult a Maine attorney about filing a partition action. Courts may order a sale that yields market-driven proceeds, which can pressure a co-owner to offer a fair price before litigation.
7. Protect yourself in writing. If you accept payments, use a written contract, recordable security (mortgage or UCC filing if appropriate), and clear default remedies.

When to consider court action (partition) in Maine

File for partition as a last resort when negotiation and mediation fail. Partition can force a sale or physical division. Be aware:

• Court-ordered sales may incur commissions, legal costs, and delays that reduce net proceeds.
• Courts divide sale proceeds after paying liens, costs, taxes, and any adjustments based on contributions or improvements. Keep records of payments you made toward taxes, mortgage, or significant improvements; you may seek accounting or credits in a partition action.
• Partition outcomes are uncertain. Sometimes the court will appoint a commissioner to sell the property; other times the court may order division if practicable. See Maine statutes on partition procedures: 14 M.R.S. §6321 et seq..

Helpful Hints

• Don’t accept a verbal offer. Get all offers in writing.
• Obtain at least one independent licensed appraisal in Maine to support your price position.
• Consider mediation early: it preserves relationships and reduces costs.
• When accepting payments, insist on a recorded security interest to protect you if the buyer stops paying.
• Keep meticulous records of your payments for taxes, mortgage, repairs, and improvements to the property — you may be entitled to credits in a partition.
• Remember transaction costs (real estate commissions, closing costs, taxes) when comparing offers to net proceeds from a court sale.
• If relatives are co-owners, think carefully about family dynamics and whether preserving relationships is worth a slower or lower-priced solution.
• Consult a Maine attorney early to understand partition timing, likely costs, and local court practice.