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northeastern Ohio | I know it is too late now, so this won't help you, but it might help other guys reading this. OSU has a good two part article about this:
https://farmoffice.osu.edu/blog/partitionperils1
https://farmoffice.osu.edu/blog/thu-06092022-920am/perils-partition-...
Everyone needs to put real estate into an LLC and include a clause similar to this while everyone is on good terms:
(a) A Member or Assignee desiring to sell or transfer all or any portion of his Units (the “Offeree”) must first offer the units to the remaining members of the LLC. The value of the units will be determined at that time by an appraiser to be designated by a majority vote of the remaining members. The appraised value will then be discounted by 20% due to lack of true marketability of the units. This discounted appraisal will then become known as the “Offer”.
(b) The remaining Members on a basis pro rata to the Unit ownership of those remaining Members exercising their right of first refusal, have the right to purchase all (but not less than all) of the Units. If the remaining Members give written notice to the Offeree of their intention to exercise this right of first refusal and to purchase all of the Offeree's Units on the terms and conditions stated in the Offer, the remaining Members shall have the right to designate the time, date and place of closing, provided that the date of closing shall be within forty-five (45) days after receipt of the notification from the Offeree. The remaining members will have the option to decide if Offer payment will be made in full at time of closing or if it will be financed internally by the LLC. If the remaining members decide to finance internally, the settlement will be dispersed in annual payments to the Offeree over a 20 year schedule using the current minimum “applicable federal rate” published by the IRS to calculate the interest. The first annual payment will be on the date of closing which will also become the effective date of transfer.
(c) If the remaining members choose not to exercise their right of first refusal as specified in Section 9.1a, the Offeree has the right to seek a person outside of the LLC to make a written offer to purchase the Offeree’s units. The written offer must contain the name of the person as well as the purchase price and conditions. The remaining members will then have the first right to purchase the Units for the same terms and conditions as offered by said person. If none of the remaining members choose to exercise their right of first refusal within 15 days of notice of the written offer, then the Offereee shall be entitled to sell his units, provided that the sale is carried out in the same terms as the written offer.
The real estate stays with the LLC, just the owners change.
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Divorce question?
