Selling a house may feel like a fairly straightforward transaction, but things can get tricky when your name isn’t the only one on the deed. If you’re thinking, “I need to sell my house fast in Las Vegas,” you don’t want to deal with a long, drawn-out sales process that seems to take forever.
Whether our aunt left it to you and your cousins in her will, you bought the property with a friend, or you co-own a place with an ex-spouse, selling a house with multiple owners comes with a few extra steps.
Understand Joint Property Ownership
When you co-own a property, everyone on the title has a legal interest in the home. This is known as joint property ownership.
Joint property ownership can be 50/50 or split in different percentages, depending on the title’s stipulations. The property might be a tenant in common (TIC), meaning each owner has a share, which isn’t necessarily equal, that they can sell to another party without the involvement of the other owners. Joint tenancy means that all owners have an equal share, and if one owner dies, the remaining owners’ shares are divided among them.
In any case, the first step in selling a house with multiple owners is to clarify the terms and determine the ownership percentages and the terms of the title.
Get Everyone on the Same Page
All owners must consent to sell before you can proceed. A co-owner agreement that outlines what happens when someone wants to sell can help streamline this process. However, if there isn’t one, you’ll need to discuss the matter with the other owners.
If one co-owner refuses to sell, the situation can get sticky. You may need to pursue a partition action, which is when a judge can step in and set the terms for the sale.
Determine Ownership and Transfer the Title
Co-owning a house means you have an ownership percentage, or share of the property, which affects the distribution of profits after the sale. Even if one person paid more for the house, the percentages listed on the title determine ownership.
Once you have a buyer, you’ll complete the title transfer process. This involves clearing up liens, verifying ownership percentages, and transferring the property.
Work With a Cash Buyer To Simplify the Sale
Whether you don’t want or need a property or you’re just looking to get out of a complicated situation, working with a cash buyer can simplify the process of selling a home with multiple owners.
Next Step Offers makes fair, cash offers on properties in any condition. We understand the local Las Vegas market and know how to work with co-owners to get everyone a fair deal without unnecessary drama. We’ll help you understand your options, manage the legal red tape, and avoid roadblocks, so you can close the transaction quickly.
Partnering with a cash home buyer can help everyone involved move on without the headaches and complications associated with a traditional sale. Request a quote today, or call or text (702) 389-1919 to learn more about selling a house with multiple owners the easy way.