Selling a house when you share ownership can be as easy or hard as any one owner wants to make it. There are three different types of common or concurrent ownership, and each has different rules for how a sale can be conducted. They also have different consequences when a sale is completed. Luckily, if you are interested in selling your share in a property you own in common, there is very little that another co-owner can do to stop you.
You can even force the sale of the entire property. Whether you force the sale or you work with the other owners to sell the house amicably, there are certain pitfalls and procedures you need to be aware of if you want to conduct a successful sale.
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Method 1. Find a buyer and walk away. If you and the co-owners of the house are "tenants in common," you don't have to do anything special to sell your share of the home. As long as you can find someone willing to purchase your share, you can execute the transfer and be done with it. Under a tenancy in common, all of the parties own an equal and undivided portion of the property. Instead, they share the whole property equally. Each of the owners may sell, will, or transfer their share or part of their share to another party.
The sale of a portion of the property does not affect the rights of the other owners. Consider the consequences to the other owners. If a joint tenancy is destroyed, this can have far-reaching consequences. Imagine that a married couple, Otis and Ada, own a second home under a joint tenancy.
Otis is deeply in debt, and worries his creditors will seize his second home, so he sells it to his son Elmer for a nominal price. When Otis's finances improve, he buys his share of the house back from Elmer.
Shortly after they complete the resale, Elmer becomes estranged from the family. Otis dies without reconciling with Elmer. Even though Otis thought he had a joint tenancy, it was destroyed when he sold his share to Elmer, even though he bought back his share. So instead of Ada having full possession of the house, Elmer can take her to probate court to demand his inheritance--Otis's share of the house--because Otis didn't address it in his will, thinking he had a joint tenancy with Ada.
Dissolve your marriage. If you want to sell your share in a house you own with your estranged wife, you may not be able to if the two of you own it as "tenants in entirety. Both parties own the entire property, not just a share. They may not sell or transfer the property to anyone else without the consent of the other, at which point the tenancy in entirety terminates. Should the marriage end in divorce or death, the tenancy ends and the house becomes the undivided property of the surviving spouse.
Method 2. Fig Leaf Rag - Scott Joplin, Joshua Rifkin - Piano Rags a sale price. Concurrent owners should decide on an asking price before anything else.
This will give you an objective starting point for negotiations, which should make it easier to come to an agreement with a buyer. Intro - Circle Takes The Square - As The Roots Undo on a price range, which would include the ideal selling price and the lowest acceptable price.
Then establish a schedule for lowering the price. You can prepare to drop your asking price a little if the home doesn't sell in a pre-determined length of time. Apportion costs among the owners. Before you put the home on the market, work out with the other owners how costs will be shared. Consider assigning power-of-attorney to one of the owners. If the property owners are widely separated geographically, consider granting power of attorney to an owner near the property so that they can quickly make decisions about the sale such as accepting an offer.
The scope of repairs a buyer may ask for could be too large for one owner to afford. Choose an agent. Hire an experienced and capable real estate agent with whom everyone in the group feels comfortable. Choose an agent with a track record of success in your locality. Find out more at Select a Realtor. Make sure all the owners are at the closing. If it isn't possible for all the owners to be present, the ones who are absent will have to assign power of attorney to another owner.
Method 3. Try mediation. Sometimes co-owners hit an insurmountable obstacle in trying to sell their property and want to take legal action against one another. In most cases your co-owners are family members or friends. A legal battle to force a "partition" division of the property can poison relationship for years to come, so explore the alternatives first. Attempt to sell your share. While you should make every attempt to negotiate with the other owners, there are other ways you can avoid taking them to court.
For example, even if mediation is unsuccessful, you can attempt to sell your interest in the home to the other owners or a third party. While you wouldn't be involved, there might still be some hard feelings aimed at you. Seek legal counsel. At this stage things may take a turn toward the courtroom.
As in any legal proceeding, you should seek the advice of an attorney at the earliest possible stage. Petition the court for a partition. As long as you hold a tenancy in common or a joint tenancy, a partition is an absolute legal right. As long as you can prove ownership, the court will almost certainly grant your request. The document should contain the address and a description of the home, a list of the other owners and their respective shares, and a statement of facts explaining why you are entitled to a partition.
File a notice of "lis pendens. Most states have sample forms online, so use a search engine to locate one. Serve the other owners. Your next step is to serve the other owners the defendants in this action with a copy of your Petition. You must have a neutral third party conduct the service Medley - Larry Ferrari - Return To Paradise process.
The defendants will have a period of time usually a month to respond to your Petition with an Answer. Once the Answer is filed with the court, the judge will set a trial date. In the meantime, both sides will engage in discovery just as they would in any civil case. Discovery is the stage of a lawsuit when the opposing Share My House (Funky House) - Si Storer - Share My House find out Share My House (Funky House) - Si Storer - Share My House evidence the other side has.
Discovery is a complex process Tausend Tränen Tief - Blumfeld - Ein Lied Mehr - The Anthology Archives Vol. 1 many rules. If you have not yet retained an attorney, you should do so now. Go to trial. Finally, you and the other co-owners will meet at trial. As long as you can each Share My House (Funky House) - Si Storer - Share My House you have legitimate title to the property, the court will order a partition, and the house will be sold.
If the defendants can prove financial liability on your part—such as embezzling rent, owing debts to the other owners, or willful damage to the property—your share will be reduced accordingly.
If one owner of two signs a Texas residential estate listing agreement and now the second owner refuses to sell the house, does the agreement signed by the first owner Share My House (Funky House) - Si Storer - Share My House null and void with the realtor?
Whether the agreement with the realtor remains in effect or is terminated depends upon the specific language in the listing agreement. Unless the real estate has been partitioned by a court order, the sale of the house cannot occur without the agreement of both owners. Yes No. Not Helpful 0 Helpful 0.
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