In some cases, people will buy a house with a friend or unmarried partner to live in or as a rental property. It can seem like a good idea at the time to purchase the house using their combined incomes and share in the costs and benefits of homeownership, but what happens when one of the owners wants to sell?
If you are looking for information about selling a house with multiple owners who inherited the home, read about what to do with inherited property with multiple heirs. However, if you made a joint home purchase with a co-ownership agreement and you have decided you want to sell your portion, the following will help you find a solution.
Know What’s in Your Contract & Title
Before making plans to sell a home with joint ownership, you need to know how much of the house you own. Did you buy it together as “tenants in common,” meaning you each own a different percentage of shares, or are you listed on the title as a “joint tenant” with each owning an equal share? While you can sell your share of the home either way, you should be aware of how much of it you own.
You should also know if your contract specifies what happens if one of the owners decides to sell. If it does, you may be in a much better position.
Your Options for Selling a House with Multiple Owners
Selling a house with multiple owners is much easier when everyone agrees. The house can be appraised and, either the co-owners buy you out for an agreed upon amount, or you all agree to sell and split the money based on the percentage of ownership.
What if One Owner Refuses to Sell or Buy You Out?
When co-owners are not in agreement, selling your part of a house will be more challenging. As a last resort, you can hire an attorney and file a partition suit for a court-ordered sale of the house.
Big State Home Buyers Helps Resolve Co-Ownership Issues
At Big State Home Buyers, we have helped hundreds of homeowners sell houses in Texas with title issues and disputes among co-owners. Contact us now so we can discuss the problem and find the best solution for your specific situation.