Legal Question in Real Estate Law in Louisiana

Re: owner of unpartioned property in louisiana

Usually when there are multiple owners of a piece of property, it is based on a percentage of the whole piece, not on a specified number of acres. Example...100 acres is inherited by 5 people. In the Judgment of Possession, it is stated that 1 owns 25%, 2 own 20%, 1 owns 15% and 2 own 10% each. That means they own a percentage of all 100 acres, not 25, 20, 20, 15, 10 and 10 acres each. Normally any income produced is distributed according to the percentages of ownership. Also, since all own a percentage of the whole, technically any one could lease their part of the whole property. My experience is a company seeking to spend money on a minerals search will not proceed without 100% of the owners signing, or very close to it. Since there are many variables, and the succession judgment has not been examined, this is the best I can do. Maybe someone else can be more informative.

Re: owner of unpartioned property in louisiana

We would need to read the proposed contracts and go over the succession documents to give you a reliable answer. You're welcomed to contact us about this and our hourly fee is standard for here.