Disclaimer: This information is for educational purposes only and does not constitute legal advice. Consult a qualified attorney in Mississippi for guidance tailored to your situation.

Detailed Answer

When two or more people share ownership of real property in Mississippi and cannot agree on a buyout price, state law provides a legal mechanism known as a partition action. Under Mississippi Code Ann. § 93-9-1 et seq. (https://law.justia.com/codes/mississippi/2013/title-93/chapter-9/), any co-owner may petition the chancery court to divide the property.

1. Voluntary Agreement and Appraisal

Before filing a lawsuit, co-owners often hire a neutral appraiser to establish fair market value. If one owner wishes to retain the property, they can offer to buy out the other’s interest at the appraised value. Successful appraisal and buyout avoid litigation.

2. Partition in Kind

If the property is divisible (for example, a large tract of land), the court may order a partition in kind. Each co-owner receives a distinct portion proportional to their ownership share. The court appoints a partition commissioner to survey, divide, and value the parcels. See Miss. Code Ann. § 93-9-3 (https://law.justia.com/codes/mississippi/2013/title-93/chapter-9/93-9-3/).

3. Partition by Sale

If dividing the property physically would substantially reduce its value or if it’s not practical (such as a single-family home), the court can order a sale. The partition commissioner conducts a public auction or sealed-bid sale. After sale proceeds cover liens and costs, the remainder distributes to co-owners by their ownership percentages. See Miss. Code Ann. § 93-9-13 (https://law.justia.com/codes/mississippi/2013/title-93/chapter-9/93-9-13/).

4. Court’s Role in Price Disputes

If co-owners disagree over an appraised value or methodology, the court weighs competing appraisals. It may appoint its own neutral appraiser. The court’s valuation sets the buyout price or sale reserve price. Parties can object and present evidence at a hearing.

5. Allocation of Costs and Credits

The court allocates sale costs, commissions, and any lien repayments before dividing net proceeds. If one co-owner improved the property (e.g., added structures), they may claim a credit against their share. The court considers fairness and contributions under Miss. Code Ann. § 93-9-23 (https://law.justia.com/codes/mississippi/2013/title-93/chapter-9/93-9-23/).

6. Alternative Dispute Resolution

Parties can agree to mediation at any time, even after a partition suit starts. A mediator helps co-owners negotiate a buyout or settlement, which the court can adopt as an order, saving time and expense.

Key Takeaways

Mississippi law allows petitioning for a partition when co-owners cannot agree.
Partition in kind divides property physically; partition by sale converts it to cash.
Courts appoint commissioners and may use appraisers to resolve valuation disputes.
Costs, liens, and improvements affect net proceeds and buyout prices.
Mediation can provide a faster, less adversarial solution.

Helpful Hints

Obtain multiple independent appraisals before filing a partition suit.
Document any improvements and expenses to seek credits in court.
Consider mediation early to avoid court costs and delays.
Consult a Mississippi real estate attorney to review procedural requirements.
Be prepared for an auction if a sale partition becomes necessary.