Detailed answer: options, process, and what Mississippi law allows

When two or more people own the same real property (commonly as tenants in common), each owner has a right to an economic share of that property. If you want money instead of a physical portion of the land or structure, you typically use one of these routes:

1. Private buyout (best first step)

   You and the other co-owner(s) can agree that one owner will buy out the others for their fair share. Steps:

   • Obtain a professional appraisal to establish current fair market value.
   • Calculate each co-owner’s share (often based on ownership percentage).
   • Agree on price, payment terms, and have the transaction put in writing (purchase agreement and deed transfer).
   • Record the deed and handle closing items (title search, payoff of any liens, prorations).

   Pros: fastest, least expensive, keeps control with owners. Cons: requires another owner to have cash or financing.

2. Mediation or negotiated settlement

   If owners disagree on value or terms, mediation or settlement negotiations can produce a buyout or other monetary settlement without going to court. Mediators frequently help structure payment plans or staggered buyouts.

3. Partition action asking for sale and division of proceeds

   If owners cannot agree, a co-owner can file a partition action in the appropriate Mississippi court asking the court to either divide the property physically or order a sale and distribute proceeds. Many courts prefer sale when physical division is impractical.

   How this produces money: if the court orders a sale, the property is sold (public auction or private sale under court supervision) and the net proceeds are divided among the co-owners according to their legal shares after costs, liens, and any equitable adjustments.

   Note: courts can make adjustments (an accounting) for rents, taxes, maintenance, and improvements so a co-owner who paid more may receive credit. Courts will also consider equitable factors if one owner obstructed sale or contributed improvements.

4. Forced buyout or accounting remedies

   In some situations a court will order a forced buyout (award money to an owner instead of a physical partition) as an equitable remedy, or award money for unjust enrichment, reimbursements for improvements, or share of rents. Whether the court awards cash instead of a physical parcel depends on the circumstances and judicial discretion.

Practical steps to pursue a monetary outcome in Mississippi

1. Confirm your ownership type (tenancy in common vs. joint tenancy). This affects rights and what happens at death, but both ownership types can lead to partition or buyout disputes.
2. Get a current, written appraisal so all parties know market value.
3. Ask the co-owners for a voluntary buyout first and offer a realistic price or financing plan.
4. Consider mediation to bridge valuation or payment-term gaps.
5. If negotiations fail, consult a Mississippi attorney about filing a partition action or other equitable remedies.
6. Collect and preserve records of payments, improvements, taxes, rents, and expenses relating to the property—these records matter if the court must adjust the division of proceeds.

Where and how to file in Mississippi

Partition actions and real property disputes are handled in Mississippi courts. Court types and procedures may vary by county and by whether the matter is in equity or law. For general information about Mississippi courts, visit the Mississippi Judiciary: https://courts.ms.gov/. For the Mississippi Code and statutes, see the Legislature’s website: https://www.legislature.ms.gov/. An attorney can tell you the correct local court (chancery or circuit) and the statute or rule that applies to your case.

Costs, timeline, and likely outcomes

Voluntary buyouts: days to months, minimal court involvement, lower cost aside from appraisal and closing.

Partition litigation: months to more than a year. Expect court filing fees, attorney fees, appraisal costs, title and closing costs if sold, and potential enforcement steps. The court may order sale and split proceeds or (less commonly) award a cash judgment to buy out an owner.

Tax and financial considerations

A buyout or sale can have tax consequences: capital gains, basis adjustments, and closing costs matter. Consult a tax professional before agreeing to sale or buyout terms.

When you should talk to a lawyer

• If co-owners won’t negotiate or one threatens to force a sale.
• If ownership percentages are disputed or title defects exist.
• If large improvements, unpaid debts, or liens complicate the distribution of proceeds.
• If you need help calculating an equitable accounting (credits for repairs, rent, or taxes).

Helpful Hints

• Start with an appraisal. A neutral, professional value opinion makes negotiation far easier.
• Put any buyout offer in writing and set a reasonable deadline for response.
• Consider phased payments or seller financing if a co-owner can’t immediately pay cash.
• Use mediation before litigation—courts often encourage settlement and mediation can save time and money.
• Keep careful records of any money you pay for taxes, insurance, or repairs—these can change how proceeds are divided.
• Be realistic about court outcomes: courts often order sales when physical division is impractical, and net proceeds are reduced by costs.
• Talk to both a real estate attorney and a tax advisor before finalizing buyouts or sales to avoid surprises.