How to Sell Co-Owned Property

You may be able to sell your share of a beach house if it is owned as a tenancy in common, but not if it is a tenancy in entirety.

When you own a piece of property with others, it is known as concurrent ownership. The type of ownership states whether each person owns a portion of the property, or if each individual owns an undivided interest in the entire property. This determines whether you are able to sell your share of property on your own --- or if a sale is only possible as a group. If a sale of your co-owned property is allowed, the sale can proceed just like selling an unshared piece of property.

Instructions

1. Determine the type of joint ownership in the co-owned property. You may be able to sell your property on your own if the property is owned by tenancy in common or joint tenancy with right of survivorship. You will not be able to sell the property if it is owned as tenancy by entirety, or as community property.

2. Check that there are no sale restrictions or requirements in the original purchase agreement. If there are none, you are free to sell your share of co-owned property. If there are sale restrictions, they must be waived by the other owners for you to sell your share of property. If there are sale requirements, they must be met to sell your share of property.

3. Determine the estimated value of your property to set your selling price. Research the prices of similar properties in the area that have recently sold. Since you are selling only a portion of your property, remember to adjust your price to its relative share. If you own one-third of a beach house and similar homes have sold for $600,000, set your price at $200,000.

4. Market your property to prospective buyers. Place ads in the paper and online. Make sure your property is presentable for open houses and viewings. You will need to cooperate with the schedules of the other co-owners.

5. Consult a titling company after you find a buyer, to transfer ownership of the property. Let the firm know you are selling a share of a co-owned property so it can properly transfer the deed.

6. Consider hiring professionals to help you in this process. A real estate agent can help you calculate the correct selling price of your property, and market your property to others. An estate lawyer should be consulted to make sure the transfer of property is complete and the joint ownership of property is preserved with the new owners.

References

• "Fundamentals of Estate Planning"; Constance Fontaine; 2010
• US Property Advertiser: How to Sell Property For Sale By Owner
• MSN Money: How the Pros Sell Their Own Homes