Legal Question in Real Estate Law in Rhode Island

The court would make an order based on all the facts and circumstances, but generally speaking, fair market value would be the benchmark - how much would a ready, willing and able buyer be willing to pay for the property.

The appraisals may be evidence of the fair market value; the town's evaluation for tax purposes is generally not as useful in this circumstance.

If you are unable to come to agreement, then a court may appoint commissioners to sell the property - you and your siblings can buy at the auction, thereby getting rid of the siblings who no longer want to own. And the price at auction may be less than fair market value.

If the appraisals are not too far apart, you all should compromise to avoid the expense of litigation and perhaps preserve your relationship as siblings.

I hope this helps,

Scott J. Summer, Staff General Counsel

LawyersCollaborative

Note:� The above information does not constitute legal advice. Unless a written Collaborative Representation Agreement has been signed, neither LawyersCollaborative nor any of its Staff General Counsel is your legal representative.