Disclaimer: This article is for educational purposes only and does not constitute legal advice.
Detailed Answer: Options for Co-Owners Unable to Agree on a Buyout Price in NH
When co-owners in New Hampshire cannot agree on a buyout price for jointly owned real estate, they have several paths to resolution:
- Independent Appraisal and Negotiation
Hire a licensed appraiser to establish fair market value. Use the appraisal as a basis for negotiations. This objective data often narrows the gap between differing price expectations. - Mediation or Arbitration
Engage a neutral mediator or arbitrator to facilitate discussion or issue a binding decision. Alternative dispute resolution can be faster and less expensive than litigation. - Voluntary Buyout Agreement
One co-owner offers to purchase the other’s share at an agreed price. Document the transaction with a written agreement and record a deed transfer. - Court-Ordered Partition Action
If voluntary methods fail, either co-owner can file a partition action in New Hampshire Superior Court under NH RSA 547. The court may order:- Partition in Kind: Physical division of the property when feasible;
- Partition by Sale: Sale of the entire property with proceeds divided among owners.
To initiate the process, file a complaint in the county where the property lies. The court typically appoints commissioners to appraise the property and oversee any sale. Costs for appraisal, legal fees, and sale expenses generally come from the sale proceeds. See NH RSA 547:1 for procedural details: NH RSA 547:1.
Helpful Hints
- Obtain an independent appraisal early to set realistic expectations.
- Consider mediation before turning to the courts to preserve relationships and reduce costs.
- Review New Hampshire RSA Chapter 547 for complete partition action rules.
- Keep communication channels open to avoid unnecessary conflict.
- Consult a qualified real estate attorney to understand your rights and procedural requirements.