When you’re selling a property with multiple owners, there are some key aspects to keep in mind to ensure the process is as easy and pain-free as possible. We’ve outlined a few of the most important below.
Whether you’re looking to downsize, upsize, or simply move on from your current property, make sure you’re aware of these factors before putting your house on the market. Selling a property with multiple owners can be tricky – but if done correctly, it can be a smooth process for everyone involved.
Let’s get started!
Number 1: Considering the Method of Purchasing the Property with Multiple Owners
Ideally, the tenants in common (TIC) should share a single title for their entire property. This means that they each own an undivided share of it.
A joint tenancy gives two or more unmarried people an equal and undivided right to use and possess real property. Joint tenancy agreements provide for the right of survival, which means that if one owner dies their share will go to another person instead of being passed on in some automatic fashion through bloodlines.
If you are working with a real estate agent they should be able to help you find out the best way for you to sell property under current ownership. If you’re not working with a real estate agent (and don’t really want to) you can leverage a free consultation with our team. The type of sale will dictate what approach needs to take place.
This is why it’s wise to defer to professional guidance first, especially if the resources are easily accessible and free.
Number 2: Facing Unexpected Delays Caused by Parties not in Favour of Selling
When buying a house, many people don’t think about the future when the property has to be sold. It can be a really difficult task to get multiple parties to agree on an offer and close the deal!
You should also set guidelines for the transaction before contacting a realtor. This will ensure that all parties are on board with each other’s requests.
In the same way, this can avoid any potential arguments during negotiations of price, sale date or anything else you might think could cause problems in the situation!
Number 3: Getting Consent From All the Parties to Sell the Property
The rule of joint tenancy clearly explains that all property owners are on board with selling. If one party objects, no sale can take place unless they agree in writing otherwise. This means this individual could force the issue through legal action!
When you need to settle a lawsuit, the cost will be divided up among all joint owners. You can avoid wasting money on legal fees by settling before the option of court proceedings is considered!
Number 4: Repairing and Staging the Property
The property needs a lot of work to make it stand out in today’s hot market. The entire group agrees that we should proceed with certain repairs and appoint one owner.
He will hire contractors, and correspond via email or phone call for showings while being present during these interactions if possible!
Number 5: Dividing the Proceeds with Respect to Share
When selling a property with multiple owners, proceeds are split evenly amongst them in the majority of the scenarios.
However, in some rare situations, joint holders may have an agreed percentage at the time of sale.
For example, one party might have used the property infrequently and therefore not caused much wear on it. That party might feel that they should be entitled to receive a bigger portion of profits.
These sorts of conversations, negotiations, and agreements need to be addressed before the property is purchased. If such an arrangement is not set beforehand, the proceeds will typically need to be divided equally.
Number 6: Involving a Realtor for Better Assistance
When buying or selling a property, it can be difficult to know what your options are and how to best leverage those resources. Consulting with an experienced third party who has a vested interest in providing assistance and if there is synergy and potential for mutual gains, can and will ensure that each owner gets their due respect and representation during negotiations.
If you are selling a property with multiple owners in Brevard county that is in foreclosure or in need of repairs or simply has become more of a burden than a blessing, contact us today. Our team will serve as your guide through the entire process. We’ll be there to give you advice and point you towards other trustworthy resources if needed so that everyone can make informed decisions throughout the process.
Selling a property with multiple owners isn’t always an easy feat, but you don’t have to go at it alone. If you’re looking for fast cash in hand in exchange for your property, we can help.
Schedule a free consultation on our booking calendar or give us a call at +1 (321) 323 9093 today!