Subdivision of a jointly owned property
I own a 36 acre property along with my wife, my sister and my brother in law. We bought this property a few years ago for $160,000, my wife and I contributing $80k, and my sister and her husband contributing $80k. We are all equal owners on the deed.
Since then, my sister and her husband have built a house on the property. (Valued at around $400k) We intend to build as well, but we first need to subdivide (we had considered keeping it all one lot, but it turns out that isn’t allowed in our county/state)
There are some structures on one portion of the lot, that were valued at $18k at the time we purchased the property. We have since invested approximately $40k improving these structures… and their value is likely around $80 now on their own.
With the subdivision, with the way the lines work and where they built their house and where we would like to build ours…. those structures as well as the driveway leading back to my sisters house would be on my property.
I had initially proposed to divide the land such that my sister and her husband would get 20 acres, and my wife and I would get 16 acres (rounding out the $18000 to be worth 4 acres)
My sister and brother in law verbally agreed to this division. (Showing them a map of exactly how it would be)
I called up a surveyor and got a survey done for a few grand.
I showed them the map… looking essentially identical as the one we had agreed to (I didn’t have all the notes on the side of a plat the way a surveyor does it… but all property details were shown)
My brother in law rejects the subdivision saying he wants the division to be 22 acres and 14 acres.
I was floored.
I tried to explain every way I could that that math doesn’t work out.
That when we bought the property, we both own half of the $18k of structures, so the division would only result in $9000 of value being moved. (Based on when we bought the property of an acre being approximately $4k. I offered an additional grand to makeup the difference of the rounding)
He has refused to hear me.
Do I have any legal options here?
Can we have an arbitrator divide the property?
If we decide not to build and just walk away… do we have any options to recover our investment or sell it off?
Thanks in advance
This is in North Carolina
Submitted November 09, 2018 at 03:56AM by throe_away_963853
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