How to Sell Your Portion Of A House?. Would you like to sell part of the house you currently own? Read this article first before doing so. We will provide you some pretty information about selling property you partly own.
1.Selling It as Tenants In Common (Individually)
Co-owners or those people who own the property as tenants in common can sell it individually without any problems.
All they have to do is to transfer or sell their property rights to the person willing to buy their share of the home. The ownership rights of the other concurrent owners of the house are not affected because under the tenancy in common law each of the owners of the house has rights to its entirety.
It is not divided into parts and will therefore be sold as one entity. In this regard, you are just selling your ownership rights to another party. You will not own the house anymore if you do this. However, the other co-owners will still have their rights intact.
Selling the Property through Joint Tenancy
For those who are under a joint tenancy, it may be a little bit more complicated. How to sell your portion of a house? This particular type of ownership works in such a way that if one party sells his or her property share, it destroys the joint tenancy rendering the property and the rights ruled by tenancy in common regulations.
How to sell your portion of a house?. In joint tenancy, if one party dies or get separated from the person who owns the house with them, the rights to the property will revert to the remaining partner automatically rendering the joint tenancy invalid. So you can have your share and sell it the moment your partner dies.
For example, if you and your siblings decide to buy a house together, you will fall under the joint tenancy rule. In the event that you pass away or get forcibly separated from your siblings, the ownership of the house goes to all the remaining siblings. They will have the right sell your house if this happens.
- Selling the Property
However, if you sell the house to another party at any point in your lives and buy it back, the moment you die, the party that the property was sold to can claim your part.
This will occur the moment joint tenancy turns into common tenancy because of the previous selling and reacquisition of your part of the house. The former buyer will have rights to the departed’s part of the house upon his death because the departed and the former buyer had become co-owners.
In this case, an individual could possibly only sell part of his house through forced partition. However, if he or she does not want to take the original buyer of the house to court, just set up a meeting and try to convince the third party to sell the house with the original owner as tenants in common.
Joint tenancy can also apply to common law partners who are not married, but bought a property together.
Tenancy in Entirety
If in case you are married and you bought the property with your husband or wife, you will not be able to sell the house or property in part or as a whole without the consent of the other party. How to sell your portion of a house?. You will only be able to sell the property in its entirety by dissolving the marriage through death or divorce. In the event of death, this puts the ownership rights in the hands of the surviving spouse.
This same effect will occur if the couple in question goes through a divorce. The ownership rights go to either the husband of the wife depending on the divorce settlement stipulations. Then and only then will either partner be able to sell the property on their own.
Why is this so? Because married couples are considered as tenants in entirety. Both parties own properties that they bought within the marriage. Therefore, they both have rights to the property as full owners even if the husband or wife made the purchase individually.
Another way, by which you can sell part of a house that you own with another person, is through forced partition. Here, you can petition the courts to forcibly divide the property in half and have ownership rights for part of the said property revert to you. This is a last resort though because it means that you will have to take legal action against your co-owners.
How to sell your portion of a house?. Selling your part of a house can definitely be complicated. So it is advisable for you to consult a lawyer before you do so. In addition to this, work with an agent and consult your co-owners before trying to sell part of the house. In fact, this is the most recommended thing to do, so that the other parties will not be taken by surprise the moment you make your move to sell.