Homes are most often owned by individuals or spouses. But in some cases, homes are owned by joint parties that can sometimes have divergent interests. This can happen when siblings inherit their parents’ vacation home or when multiple parties purchase a home as an investment. While joint ownership and selling a jointly owned home are slightly more complicated than sole ownership, they certainly aren’t impossible tasks. Here’s a look at how to sell a house with a co-owner.
Challenges With Selling a Jointly Owned Home
When a home is sold, the owners must add their signatures to a deed that actually transfer ownership of the property to someone else — the buyer. This is usually straightforward, but it’s a little more complex with multiple owners.
The first challenge is alignment. Do all of the owners want to sell the property? If not, things can get a little murky. So make sure you and your co-owner are perfectly aligned before you put your house on the market. Make sure you have the same expectations about price and other factors so that you’re not dealing with these issues as they come up.
The other major challenge is the potential for liens against a property. In most cases, one owner can’t take out a lien against the property without consent from the other owners. But, in some cases, a lien for unpaid debts may be placed on the property and slow down the sales process. Make sure you and your co-owners are clear about any liens against the property before they are discovered during the title process, and be open and honest about your financial situations — and other surprises that may emerge as you try to sell your home.
Can I Be Forced Into Selling a Joint Owned House?
Yes, you can be forced into selling a jointly owned home. There’s something called a “partition lawsuit,” which is a lawsuit filed by one party to compel the other party or parties to sell a property and split the proceeds. This should be a last resort for anyone wondering how to sell a house jointly.
Obviously, using the court system is time-consuming and expensive. Always do everything you can to work things out with your co-owner before pursuing a partition lawsuit.
Get Support From CENTURY 21 Core Partners
Looking to sell a house jointly in York, PA? CENTURY 21 Core Partners is here to help. We are your real estate experts in York, and our team of agents can help you buy a sell a home no matter the surrounding circumstances. Make sure your home sale goes smoothly when you trust the experience and knowledge you’ll find at CENTURY 21 Core Partners.
Contact us today to speak to one of our real estate professionals