Selling Your Half Of A Co-Owned Home
Home selling comes with many factors, and if you own a home with someone else as shared ownership, that calls for even more factors to consider. The details involved in selling a jointly owned home may seem a bit confusing but if you’re currently wading through your ownership options, and are a bit curious as to what your next steps must be, here are some tips for you:
Buying Out / Selling Your Half
If you have a home that is co-owned by a friend, family member, or perhaps a former partner who would like to keep his/her part of the property as you decide to sell yours, the first thing you can do is to consult an appraiser who will provide to you the figures regarding the current value of your home. Once the value is confirmed, you can start discussing it with your co-owner for how much they can pay you as a buyout payment. On some cases, co-owners can get a loan for this, sometimes they may also schedule monthly installments until the full buyout price is completed.
In case that you and the other owner(s) decide to sell the home without any fuss, a partition sale is one of the best options. This means that the court will take care of the sale and any fees paid and all the sale money will be divided among the owners. If one owner has paid more for the property than the other, the sale money will still be distributed accordingly.
If you want to sell your portion of the property, it still bests to sell together. While going for a partition sale should save you from the stress and help you get the property off your partner’s hands more easily, we can’t deny the fact that money will be spent on legal fees. These fees might as well go to you if you just come to an understanding with your co-owner.
Overall, whatever reason you have for selling your part of a co-owned home, there are many options you can take as a form of settlement. It doesn’t have to be complicated, especially if you and your co-owner can come into terms without any fuss. Also, you can always get a professional advice from a real estate advisor to at least help you get started with the process. – iSellProperties.co.uk