How To Sell a House With Multiple Owners Without Conflict
Nowadays, affording a home on a single income is nearly a pipe dream which is why many people opt to split homeownership with a trusted partner or family member. Perhaps you purchased a house with your mother or best friend, but now you’re looking to sell. How do you go about selling a house with multiple owners without damaging your relationship?
Below, Chattanooga Property Solutions explains what to know about selling co-owned properties. Want an offer now? Give us a call! We buy houses in Chattanooga in any condition.
Understanding Legal Consent Requirements for Different Types of Ownership
Are you interested in selling your house in 2025 but don’t know how to handle a property title transfer for a home with a joint ownership agreement? The first thing to do is understand what type of ownership agreement you have.
Tenancy in Common
Tenancy in common is a flexible type of joint ownership. It allows parties to have different shares in ownership of the property. For example, one party could own 80% of the house, while the other owns 20%. It’s ideal for co-owners who want to keep their contributions to the house separate.
The best part about tenancy in common is that any owner can sell their share of ownership in a property at any time. Additionally, if you pass away, your share will be distributed according to your wishes instead of going to the other co-owner.
Joint Tenancy
In a joint tenancy situation, all owners of a house have equal ownership rights. This is true regardless of how much an owner contributed to the property.
When selling a house with joint tenancy, all owners are entitled to an equal share of the profits. The main downside to joint tenancy is that in order to sell, all owners must agree. If there are any disputes, the sale can’t proceed.
Tips for Selling a House With Multiple Owners While Avoiding Co-Owner Disputes
If all co-owners of a house want to sell a property, then the sale proceeds as it would for a single-owner home. You’ll split the sale proceeds as outlined in your ownership agreement.
What if one or more owners don’t want to sell? In this case, your best option is a buyout. With a buyout, the remaining owners pay the departing owners for their share of the property.
Before moving forward with a buyout, consider hiring an appraiser. This will help you avoid disputes over the property’s value and ensure fair sale proceeds distribution.
Struggling To Figure Out Real Estate Buyout Options for Your Co-Owned Home? Sell to Chattanooga Property Solutions!
Selling a house with multiple owners doesn’t have to be complicated. If you’d rather avoid the stress of selling and want to close on your co-owned house fast, call Chattanooga Property Solutions. We’ll make you and other co-owners a fair offer for the property, and best of all, there’s no need to make any repairs!
To get your offer, call us at (423) 454-3070 today.