The financial load of bills and repairs can be shared, while the labour of, say, yard work and maintenance is frequently distributed among numerous owners. When it comes time to sell, though, complications can arise. While the actual selling procedure is similar to that of a single-owner property, heated disagreements among the owners — such as what price to ask, when to sell, and how to sell – can make the process even more frustrating. Continue reading to learn how to sell a house in Houston with multiple owners.
Find Out Exactly How the Title Is Held
When there are numerous owners on a property in Houston, the first (and arguably most crucial) step is to figure out how the title is held. Before you ever consider selling, you must first determine who truly owns the property and how they possess it.
The most common type of joint ownership is called “joint tenants” or “tenants in common.” “Co-owners are people who buy or inherit a property with two or more other people. Joint tenants or tenants in common are the people who own the house. If no ownership is mentioned, a tenancy in common is likely to exist. Co-owners must discuss and come to an agreement in order to sell a home. When there are issues over a house, the court might step in and mandate a sale and division of the property.”
There are several different types of joint ownership, so check the deed to verify how the title is held. Joint tenants own equal shares of a property, but a sale requires the consent of both (or all) owners. In some cases, however, if a deal cannot be struck, the court can intervene and force a sale.
Here’s how industry pros explain it: “If you’re a joint tenant, you each have an equal portion of the property. A sale requires the agreement of both owners. Tenants in common own a separate, undivided part of the property. Each tenant has the option to sell or give away his or her share. You must both agree to sell your shares if you wish to sell the home with a tenant in common. The earnings of the sale are distributed according to the owner’s stake. To make the procedure easier, one owner can buy out the other tenant in common’s portion.”
How to Reach an Agreement
The best-case scenario is for owners to agree to sell a house in Houston early on. When purchasing or inheriting the house, the various owners should have thought about and established an agreement on selling. Of course, this isn’t always the case.
Getting numerous parties to agree on critical specifics such as which offer to accept, the closing date, and the move-out date is no easy process. So, when you call an agent, you should establish some ground rules for the price, the sale date, and anything else that can provide a stumbling block throughout the transaction. That way, you’ll have a starting point or common ground to work with throughout the process.
A Houston agent who has experience selling houses with multiple owners can be a great asset here. To discover more, just call (713) 866-4000.
If you’re selling a house in Houston, you should be aware that there are usually more legal complications to deal with when there are many owners (at least potentially). In fact, “For all parties involved, one seller’s liens, loans, and negative judicial judgments can complicate and even derail an entire house deal.”
“A home seller who owes creditors, whether married, divorced, or single, may have liens placed against their name and real estate held. Tax liens, mechanics liens, unpaid child or spousal support, and other serious outstanding debts that result in legal judgements against one seller can all have an impact on the selling of a home. For example, in order for the house sale to close, an IRS tax lien must be paid before or at closing with sale proceeds. This additional expense, if paid at closing, would have an impact on the total net sale revenues owed to the sellers following closing.”
If you’re trying to sell a house in Houston with several owners and are concerned about legal concerns, call a real estate agent at (713) 866-4000 for advice.
The Agent Advantage
Finally, selling a house with several owners can cause a slew of issues, and the process is fraught with possible dangers. Although the selling procedure is similar to that of a single-owner home, the challenges are frequently greater. That’s why working with a seasoned Houston agent is so crucial. A skilled agent will know how to deal with any issues that emerge and will be able to guide you through the entire process. So, if you’re looking to sell a house with many owners in Houston, give us a call at (713) 866-4000.