Land With Multiple Owners: Inherited Property & Family Dynamics

Ryan Schroeter has been selling land in Nebraska, Iowa and South Dakota for nearly 30 years. He estimates that 90 percent of the sellers he talks to are dealing with some version of the same situation: land that is jointly owned, inherited, or headed toward a forced sale because life got in the way. In this conversation, he breaks down everything that can go sideways when multiple people own the same piece of ground, and more importantly, how to keep it from happening.

Ryan covers the difference between joint tenancy and tenants in common, why the latter can quietly multiply your ownership partners over generations without anyone realizing it, and why inherited land is essentially a forced partnership that families never agreed to. He explains why getting a power of attorney before you list is one of the most important things a multi-owner group can do, walks through a real transaction that required 16 signatures at every decision point, and lays out the tax tools available when a sale finally happens, including step-up in basis, 1031 exchanges, and Delaware Statutory Trusts.

His closing advice is short: get a plan, get it in writing, and remember that it is always easier to divide up money than it is to divide up acres.

Talk to Ryan Schroeter! 

https://nationalland.com/real-estate-agent/ryan-schroeter

 

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