AN ACT RELATING TO PROPERTY -- PARTITION

SB 726 creates a specific legal process for dividing "heirs property," which is real estate inherited by multiple family members as co-owners. When a court considers dividing such property, it must first determine its fair market value, often through an appraisal. The bill then introduces a "buyout" option, allowing co-owners who wish to keep the property to purchase the shares of those who want to sell, based on the determined value. It also updates how notice is given to absent or unknown owners in these cases, including requiring a sign to be posted on the property.