Detailed answer — overview under Nevada law

If two or more people own the same property in Nevada and one owner wants cash rather than a physical share of the property, there are three common paths: negotiate a buyout, use an agreed settlement procedure, or ask the court to resolve the matter through a partition action. Nevada’s partition statutes govern court-ordered solutions; see Nevada Revised Statutes, Chapter 40 (Partition) for the controlling law: NRS Chapter 40 — Partition. The basic options are:

• Private buyout (negotiation): Co-owners agree that one buys out the other(s) for a negotiated cash price.
• Agreed settlement or accounting: Co-owners agree to an appraisal and split proceeds or adjust ownership interests without court intervention.
• Court-ordered partition or sale: If owners cannot agree, a co-owner may file a partition action under Nevada law to force division or sale of the property. The court can order either a physical division (partition in kind) or a sale with proceeds divided among the owners.

Nevada law lets a co-owner file a partition action; the statute authorizing a partition action is at: NRS 40.010 (Action for partition). In practice, Nevada courts prefer partition in kind when it is fair and practicable, but they will order a sale when physical division is impractical or would greatly reduce value.

How a court typically converts a property interest into money

When the court orders a sale, the property is sold (often by public auction or other court-supervised sale) and the net proceeds are divided among owners according to their ownership shares after paying liens, taxes, and sale costs. If the court awards the property to one owner instead of a sale, the court will determine the fair market value (often via appraisal) and require that owner to pay the other owner(s) cash to equalize the shares.

How to start — practical steps

1. Identify the form of co-ownership (tenancy in common, joint tenancy, community property). Ownership form affects rights but doesn’t prevent partition in most cases.
2. Ask for a voluntary buyout. Get a written offer, and consider a neutral appraisal to set fair value.
3. If negotiation fails, prepare to file a partition action under NRS Chapter 40. The complaint asks the court to divide the property or order sale and distribution of proceeds.
4. Hire a licensed appraiser so the court can rely on a market valuation. The court will consider value, feasibility of division, and fairness to all owners.
5. If the court orders sale, it will direct how the sale is handled and how to distribute proceeds. If it awards the property to one owner, the court will require payment to the other owners based on value and shares.

Example (hypothetical)

Three siblings own a rental house as tenants in common, each with a one-third share. One sibling wants cash. They try to negotiate, but they can’t agree on price. One sibling files a partition action under NRS Chapter 40. The court finds the house cannot be fairly split without destroying value, orders a sale, and directs that after paying mortgage and sale costs, the net proceeds be split one-third to each sibling.

When courts may prefer sale over in-kind division

Courts will usually order a sale when physical division is impractical or would substantially reduce the property’s value. Factors courts consider include:

• Physical characteristics of the land or building that prevent sensible division.
• Unequal improvements or encumbrances.
• Commercial viability as a single parcel versus divided parcels.

For the statutory starting point on judicial partition, review NRS Chapter 40.

How courts calculate what each co-owner receives

The court divides net proceeds according to each owner’s legal share after paying liens, encumbrances, taxes, and sale costs. The court may also adjust distributions to reflect contributions, improvements, or payments made by particular owners, depending on evidence and equitable considerations presented to the court.

When to hire an attorney

Consider hiring a lawyer when:

• Co-owners cannot agree on a buyout price or process.
• The ownership or title is unclear.
• There are mortgages, liens, or third-party claims against the property.
• Valuation disputes arise or complex equitable adjustments are needed.

An attorney can prepare and file a partition complaint, represent you in hearings, arrange for appraisals, and help negotiate settlements to avoid sale.

Helpful hints

• Start with open negotiation; a voluntary buyout is usually faster and cheaper than court action.
• Get a professional appraisal early so everyone works from the same valuation baseline.
• Document contributions (mortgage payments, repairs, improvements) — they can affect equitable distribution.
• Understand that court-ordered sales often reduce net proceeds (fees, advertising, trustee/sheriff costs, commissions).
• Be aware of liens and taxes; you generally receive proceeds only after these are paid off.
• Check the exact statutory provisions and local court procedures in NRS Chapter 40: NRS Chapter 40 — Partition.
• If the matter involves unique assets (business interests, closely-held property, or high-value improvements), consider valuation experts and legal counsel.