Selling a property with co-owners can be challenging but manageable through clear ownership understanding, agreement among all parties, and effective communication. Ownership can be structured as tenants in common, joint tenancy with right of survivorship, or tenancy by the entirety. Each structure has different implications for selling. Before listing a property, all owners need to align on the sale terms, such as pricing and agent selection. Documenting agreements is crucial for a smooth transaction and to handle potential refusals to sell.
Before anyone even starts thinking about profits, you need to get real clear on how the ownership is structured. This isn't about who mowed the lawn or paid for the new water heater-it's about what's on paper.
Tenants in common (TIC): Each person owns a specific share of the property, which can be unequal. One person can sell their share without the others.
This is the time for a blunt conversation. What's the price? Who picks the agent? Who pays for repairs or staging? What if one person refuses to sign?
Just because one owner wants to sell doesn't mean the others do-or that they have to. Unless the ownership agreement says otherwise, everyone needs to agree to list the property.
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