At some point, you may find yourself in the position of wanting to sell a property that you jointly own with another person. Maybe you’re moving for a job, or you want to buy a house with your partner—whatever the reason, there are a few things you’ll need to take into account in order to successfully sell your jointly owned property.
A jointly owned property can be sold. However, there are a few things to keep in mind if you go this route. First, you’ll need to get the permission of the other owner (or owners) before listing the property for sale. And second, you may have to split the proceeds from the sale with the other owner (or owners). Read to learn on how to sell a jointly owned property.
Joint Ownership
Joint ownership can take a few different forms, but the most common are either joint tenants with right of survivorship (JTWROS) or tenancy in common (TIC).
Joint tenants with right of survivorship means that each owner has an undivided interest in the property, and that upon the death of one owner, their interest in the property passes to the surviving owner—essentially, this type of joint ownership functions as though there is only one owner.
Tenancy in common, on the other hand, means that each owner has a separate and distinct interest in the property. This type of ownership does not have a right of survivorship, so if one owner dies, their interest in the property does not automatically pass to the surviving owner—it will become part of their estate.
Problems With Joint Ownership Of Property
There are a few potential problems that can arise from joint ownership of property. The most common is that one owner may want to sell the property but the other doesn’t, or vice versa. In this case, it’s important to have a clear understanding of your rights and obligations as a joint owner before proceeding with any sale.
Another potential problem is that one owner may stop paying their share of the mortgage, taxes, or other expenses associated with the property. If this happens, the other owner may be stuck footing the bill—or worse, they may lose the property entirely.
Joint Ownership Property One Party Wants Sell
If you find yourself in the situation where one joint owner wants to sell but the other doesn’t, there are a few options available to you. The first is to try to negotiate an agreement between the two of you—maybe the owner who doesn’t want to sell will agree to buy out the other owner’s interest, or maybe you can come to some other type of agreement. If you’re unable to reach an agreement, your next option is to file a partition action.
A partition action is a legal proceeding that asks the court to divide the property between the owners or force the sale of the property. This is usually a last resort, as it can be costly and time-consuming. However, if you’re unable to reach an agreement with the other joint owner, it may be your only option.
Buying Out Jointly Owned Property No Mortgage
If you’re looking to buy out the other joint owner’s interest in a property that doesn’t have a mortgage, the process is relatively simple. You’ll just need to come up with the cash to pay for the other owner’s interest in the property. Once you have the money, you’ll need to have a new deed prepared that shows you as the sole owner of the property.
But if there is a mortgage on the jointly owned property, things are a bit more complicated. In order to buy out the other owner’s interest, you’ll need to either assume their portion of the mortgage or get a new loan to cover the entire mortgage. Assuming the other owner’s portion of the mortgage is usually the simpler option, but it may not be possible depending on the lender’s policies. Once you have the financing in place, you’ll need to have a new deed prepared that shows you as the sole owner of the property.
How To Sell A Property In Joint Names
- Get an Appraisal. The first step is to get an appraisal of the property. This will give you an idea of how much the property is worth and how much profit you can expect to make from the sale. It’s important to have a realistic idea of what the property is worth so that you can price it correctly and avoid any problems later on down the road.
- Negotiate the Terms of the Sale. Once you’ve agreed on a real estate agent and gotten an appraisal, it’s time to start negotiations with the buyer. You’ll need to agree on a sales price, what type of financing they’ll use, and any other terms that need to be ironed out before the sale can be finalized. If you’re not sure what you should be negotiating for, your real estate agent will be able to help you out.
- Sign the Sales Contract. Once all of the negotiations have been completed and both parties have agreed on the terms of the sale, it’s time to sign the sales contract. This is a legally binding document that outlines all of the terms of the sale, so it’s important that youread it over carefully before signing anything. After both parties have signed the contract, Congrats! The Jointly Owned Property has officially been sold.
- Transfer the Title. The last step in the process is to transfer the title of the property from the sellers to the buyer. This is usually done by a lawyer or notary, and once it’s been completed, Congrats! You’ve successfully sold your jointly owned property.
Can A Jointly Owned Property Be Sold By One Owner?
In most cases, no, one owner cannot sell their interest in jointly owned property without the other owner’s consent. This is because when two or more people own a piece of property together, they have what’s known as joint tenancy with right of survivorship.
This means that each owner has an undivided interest in the entire property and that their interest cannot be divided up or sold without the consent of the other owners. Additionally, if one of the owners dies, their interest in the property will automatically pass on to the surviving owner or owners. If you have any further questions about selling a jointly owned property, be sure to consult with an experienced real estate attorney in your area.
Can Jointly Owned Property Be Sold?
it’s important to have a clear understanding of your rights and obligations as a joint owner before agreeing to purchase a property jointly.
If you’re looking to sell your house fast in Colorado Springs without having to go through all of the hassle and headache associated with traditional home sales methods, contact Colorado Cash Buyers today! We’ll make you an all-cash offer on your home within 24 hours and close on the date of your choice—it’s that simple! You may contact us at 3035782186.