Selling a Jointly Owned House: Tips and Advice | EstateAgentPower.Com
Jul 11, 2024
“Your guide to selling a jointly owned House”
Selling a house is a simple process, but selling a house co-owned with other partners demands consideration of various variables. It takes effort to reach an agreement and distribute the proceeds of the sale among partners depending on their respective ownership stake in the property. In this blog post, learn the essential steps to sell a jointly owned house without hindrance and close the sale deal smoothly.
Essentails for Selling a Jointly Owned House
1. Consent from all Property Co-Owners
Whether you own a house with a single partner or multiple shareholders, obtaining approval from each co-owner is the first step in selling a jointly owned house regardless of the number of shareholders. All shareholders must agree to sell the property and should be ready to follow due process. All co-owners must be willing to fulfil their legal duties associated with selling a property.
2. Go for a House Valuation
It is time to go for the property valuation after all co-owners agree to sell the house. Property valuation is important to determine the market value of a house and plan the sale accordingly. Valuation also helps all co-owners to know the net value of a jointly owned property and set the selling price accordingly. You can arrange a registered valuer to determine the net worth of your house. You may also consider the free online valuation service of Estate Agent Power to find the market value of your house.
3. Draft an Agreement to Sell
Once the property valuation is done, you can draft an agreement to sell with the consent of all co-owners. The agreement can be drafted with the help of a professional property lawyer mentioning all details such as terms of the sale, the agreed sale price, division of proceeds, and allocation of expenses. You can also include details about the ownership share of each owner of the property.
4. Look for a Buyer
After valuation and agreement between all co-owners, it is time to find a potential buyer for your house. All shareholders will look for a buyer willing to purchase the property at an agreed sale price. You can utilise online real estate marketplaces to find the best buyer for your jointly owned house. All you need to do is create an online listing by adding the property description, photos, videos, documents, floor plan, etc. You can turn to estateagentpower.com to post a free advertisement of your house and attract a diverse pool of buyers globally
5. Draft and Register a Sale Deed
Once you find a buyer and agree on the offer, a solicitor should be engaged to draft and register a sale deed. A sale deed must be signed by all co-owners and by the buyer. After completing all formalities and legalities, a solicitor will proceed to transfer the title documents to close the deal. Once the deal is closed, you should divide the proceeds among the co-owners as per the agreed terms.
To sum up, all co-owners of a jointly owned house must agree to sell the property and ensure their consent through an agreement to sell. Determining the share of each partner in the property and dividing the proceeds accordingly is also important to avoid disputes among the shareholders. Engaging with a professional property lawyer or solicitor is also suggested when selling a jointly owned house.
