Selling A House With Multiple Owners
Houses can be passed down through generations. Some property can be in the same family for generations. But what happens when there is a rift in the family, or when a property needs to be sold and there are multiple owners? A property is a confusing and complicated asset. Whether renting with multiple people, purchasing with multiple owners, or selling with multiple title deeds and owners, the most important thing is to get the documentation right from the start. This may save you from incurring a financial loss as well as heated issues in the future.
The term “joint ownership” refers to two or more people who each own a portion of a property. It might be cohabiting partners or friends/family members that own a property collectively. Relationships crumble or situations change, prompting one joint owner to want to sell their shared property.
However, selling a property with many owners may be a hassle if not well handled. If everyone isn’t united from the outset, you might quarrel on critical aspects when it’s time to sell, endangering the transaction and squandering the proprietors’ time.
A co-owned property may be sold smoothly, when all sides consent. When one party wants to sell but the other does not, the situation becomes more complex. If just one of you chooses to sell (maybe to get your capital out), you must petition to the court to order the sale against the preferences of the other co-owner. The judge might rule in your favour, or they could rule against you.
Any time you decide to sell a property that you and/or your co-owners own, you should work with an experienced real estate agent to facilitate the property sale, get the best value and guarantee a smooth transaction. It is in everyone’s best interest to keep the playing field level by using an agent who no one knows on a personal basis but who is a successful, knowledgeable person.
If you want to sell your joint property, buy out the other party, or oppose the sale or transfer, we suggest that you obtain expert assistance from a cohabitation dispute solicitors that will ensure the process is managed legally.
