The proposed bill amends Title 20 of the Pennsylvania Consolidated Statutes by introducing a new chapter called the "Uniform Partition of Heirs Property Act." This chapter aims to standardize the partition process for heirs property, which is defined as real property held in tenancy in common without a binding agreement among cotenants. Key provisions include establishing a right of first refusal for cotenants when a bona fide offer is made by a non-cotenants, mandatory settlement conferences to promote resolution before court action, and specific procedures for determining the fair market value of the property involved in partition actions. The bill also outlines the roles of hearing officers, the process for cotenant buyouts, and options for partitioning property either by sale or in kind.

Furthermore, the bill details the framework for cotenants to buy out the interests of others who have requested a partition by sale, including price calculations based on fractional ownership. It specifies the court's responsibilities in notifying parties, setting payment deadlines, and reallocating interests based on timely payments. The legislation emphasizes the importance of good faith negotiations and mandates that any sale of heirs' property must be conducted as an open-market sale unless the court decides otherwise. Additionally, it requires brokers to report on the sale process and establishes guidelines for uniform application across states, ultimately aiming to streamline the partition process and protect the interests of cotenants involved in property disputes.