Disclaimer: This article is for informational purposes only. It does not constitute legal advice. Consult a licensed attorney in Nevada for guidance on your specific situation.
Detailed Answer
When co-owners inherit real property in Nevada, each owner gains an undivided interest. If you and your siblings cannot agree on how to use or sell the land, any owner can file a partition action under NRS 40.010. A court may then physically divide the property or order its sale and distribute proceeds.
Negotiation provides a more flexible and cost-efficient alternative. To negotiate effectively:
- Clarify ownership shares. Confirm each heir’s percentage interest from the will or trust.
- Discuss objectives. Some siblings may want to keep the property; others may prefer cash.
- Propose buyouts. One or more co-owners can offer to purchase another’s share at fair market value.
- Agree on a sale plan. You can hire a real estate agent, split expenses, and share net proceeds proportionally.
- Draft a formal agreement. A written contract specifying terms helps prevent future disputes.
Under NRS 40.270, parties may settle or discontinuance a partition suit by agreement. Even if a suit has started, you can file a stipulation for dismissal with the court once all heirs sign a binding settlement.
Benefits of negotiating:
- Lower legal fees and court costs.
- Faster resolution than litigation.
- Control over sale timing, price, and marketing strategy.
- Preservation of family relationships through cooperative decision-making.
Helpful Hints
- Obtain an independent appraisal to establish market value before negotiating.
- Consider mediation with a neutral third party to facilitate fair talks.
- Use a qualified real estate attorney to draft and review any buyout or sale agreements.
- Stay transparent. Share all financial information, including mortgage balances and property tax records.
- Set clear deadlines for each negotiation phase to maintain momentum.