If you’re selling a co-owned property, the process might be far more complicated than if you’re selling an individual-owned property. Because when it comes to selling a property with several owners, everyone must agree on the method and timing of the sale. If you sell the house without their approval, the other co-owners may sue you for contract violation.

 

What You Should Know Before Selling

Before you sell your co-owned property in Joplin, be aware that it may be difficult. When a transaction is split between two persons, plenty of problems can emerge. Even when you agree with your co-owner, listing agency selection or price negotiation might be challenging. Communication and collaboration are essential to selling a house together. 

 

The process of selling a co-owned property isn’t easy; you’ll need to be well informed to make the most out of your transaction. Businesses such as Blue Haven Homes Active can assist you with this. Continue reading if you want to learn more about how to sell your co-owned property. 

 

What is a co-owned property?

Generally speaking, a co-owner is an individual or entity that owns a property with another person or group. Although each coowner’s percentage of ownership may differ depending on the ownership agreement, all co-owners share a piece of the asset. 

 

Take The Proper Steps

 

  •  A title firm or real estate lawyer can provide you with an initial title report. Check for hidden liens to make sure your house is free to sell.

 

  • Do not forget to include the mortgage, real estate commissions, taxes, and any debts that should be paid from the selling profits.

 

  • Confirm your interest in the property. Because community property applies to married couples, interest is equally divided. Ownership interests can differ between unmarried couples and those who are not blood relatives.

 

  • Compile a list of offers and evaluate them all at once. To move forward with the sale, you’ll have to come to terms with an acceptable offer with your partner.

 

  • Complete and sign the purchase agreement. Both owners sign the contract once you accept an offer. 

 

  • Request that the buyer removes the sale’s conditions prior to closing. The number of days required to eliminate contingencies varies by state. You have the right to cancel the contract if the purchasers do not submit a release.

 

  • Sign the escrow paperwork that has been prepared for you. Depending on your area, escrow paperwork may be signed at the start or finish. The other owner and yourself will be required to present a driver’s license or another government-issued identity card.

 

  • The closure will take place at the other owner’s residence. Both you and the buyer sign documents to seal the deal during the closing process. You and your co-owner sign the buyer’s ownership paperwork. All funds must be distributed before a transaction may be registered with the county recorder’s office, and all documentation completed and signed. 

Get The Help You Need With Blue Haven Homes Active

If you’re like the many people who are wondering “how to sell a co-owned property in Joplin, MO?” then look no further. We at Blue Haven Homes Active are a highly qualified real estate investment agency that will help you facilitate the process of selling a co-owned property. If you’re feeling stuck, reach out to us via our website or call our number.

 

GET IN TOUCH WITH US!

 

CONTACT BLUE HAVEN HOMES

Blue Haven Homes Active is a family-owned real estate investment firm based in Joplin, Mo.