Whoever owns even a fraction of real estate can force a partition sale, forcing the property to be sold and split pro rata between the other owners. This is why never allow anyone to own a fraction of anything you do as well. So whoever is on the deed can force a sale, or use the threat of doing so to encourage a good offer to buy them out.
Not true, but probably true for the Tranchers.
I have been through the dress rehearsal for this process - never had to go through with it or even file the papers, thank god.
So "What happens when you own some land, want to get out, but the other people won't sell or buy you out?" The legal system has this covered. This varies not just state-to-state but may also vary county-to-county, though usually the only thing that varies is time spent at various stages.
tl;dr summary:
1) Mediation
2) Attempt partition of property
3) Buyout
4) Partitional Sale/Auction (and maybe back to 1)
Standard script goes something like this:
You bring the other holders to court. First thing is mandatory court-ordered mediation - basically "Buy this guy the fuck out you fucking asshats; if you don't have the money set up a payment plan. Do anything but continue to be stupid please. PLEASE. The process gets kind of expensive, so I don't care how much you hate them, think of yourself and settle this in mediation."
If that fails to produce meaningful results, then there is an appraisal. Everyone party to the action can get their own appraisal and submit to the court, or they can agree on one appraiser, or the Judge will select an appraiser to do it. The appraiser comes back with a value, and everyone is given a buy out value according to their interest in the property.
First thing the judge will do is see if there is a way to split the property along sharelines (or at least to kick out anyone who is trying to sell their interest) without degrading its value. They might be able to do that with the Tranch, but communities and counties usually HATE to split lots so it may be a non-starter. But if there is say a house on the property, or a water source at one end of the property... basically if is not be possible to split the land along share values, or doing so would degrade the total value of the land, next comes buyouts.
The Judge gives what amounts to a period of time to form alliances. They start with the highest percentage owner, and give them the chance to buy out anyone's interest at the appraised rate - if people want to stay on the deed they don't need bought out. If the biggest owner can't or won't, they go to the next, then the next, etc. Anyone expressing interest then has a period of time (IIRC in our state it was 90 days) to come up with money to buy out any dissenting shareholders (aka anyone who wants off the deed)- if they can't get the money, they must forfeit their chance.
If no one is willing or able to buy out the other owners, then it goes to a partition sale.
(Also, as I recall, some states allow this step to be skipped by claiming the appraisal doesn't reflect the property's real value on the open market, so it goes right to the partition sale.)
In a partition sale, the property is put up for auction. Owners are allowed to bid on it, as well as any member of the public. If the auction price doesn't meet the appraisal, the owners are allowed to reject it. If they reject, and the lawsuit isn't dropped, go back to mediation. If the auction price meets or exceeds the appraisal, the property is sold and funds distributed according to ownership in the property.
