With multiple owners, it's nearly impossible to keep track of who's going on to the land, for what purpose, with or without permission. Because every owner is a co-tenant, any one of them can legally go onto the land or lease it to whomever they want for any purpose. They do not have to notify the other owners or get their consent. The land you co-own could be used in a way that you do not want or even know about.
Dealing with the other owners of shared land can be difficult. Each owner has different needs and opinions, and agreeing on what to do with the land can be hard. Some owners may want to develop the land, while others want to sell and invest the income into something they would enjoy more.
It is difficult to prevent trespassers from entering fractional land. In addition to creating liability if they are injured, trespassers could also damage the property without your knowledge, leading to a reduction in value. Adjacent landowners too may cause problems by interfering with the land.
Often, one of the owners is taxed for the land and must try to collect taxes from the other owners. If taxes on the land are not paid, the government could take the entire parcel of land.
Most realtors will not contract to sell partial ownership interests. It is also close to impossible to hire a property manager for fractional land.
Finally, you are liable for accidents that occur on the fractional land you co-own. Learn more about the liability of owning fractional land.
If you want to avoid the hassle of owning or managing fractional land, fill out the Real Property Questionnaire to begin the process of selling your partially-owned land to Landowner Solutions.
