Bill > S1239

This bill introduces a comprehensive set of guidelines for partitioning heirs property, which is defined as real property held in common ownership where at least 20% of the interests are held by relatives who inherited the property from a family member. The legislation establishes a detailed legal framework for how such properties should be divided, prioritizing fair valuation and giving co-owners multiple opportunities to retain family property. Key provisions include requiring a court-appointed, licensed appraiser to determine the property's fair market value, establishing a process where co-owners can buy out the interests of those seeking to sell the property, and providing a structured approach to deciding whether the property should be physically divided (partition in kind) or sold. The bill requires courts to consider multiple factors when making partition decisions, including the property's sentimental value, the duration of family ownership, each co-owner's contribution to property maintenance, and the potential economic impact of division. If a sale is necessary, the bill mandates that it be conducted through an open-market sale, sealed bids, or auction, with the goal of maximizing the property's value and protecting the interests of all co-owners. The legislation aims to provide a more equitable and transparent process for resolving disputes over inherited property, particularly in cases involving family-owned land.

Justice

https://malegislature.gov/Bills/194/S1239