Owning a house with other people has a number of marked advantages: the financial burden of bills and repairs can be shared, and the labor of, say, yard work and maintenance is usually spread among multiple owners. But problems can come up when it’s time to sell. Are you wondering how to sell a house in Alberta with multiple owners? While the actual selling process is pretty much the same as with a single-owner home, bitter disputes – concerning, for example, what price to ask, when to sell, and how to sell – among the owners can arise that make selling no less than infuriating. Add in even more contentious situations, such as selling a house during divorce, and the process gets complicated even further.
Find Out Exactly How the Title Is Held
The first (and perhaps most important) step to sell a house in Alberta when there are multiple owners involves determining exactly how the title is held. Before you can even think about selling, you have to know who really owns the house and how they own it.
The most common type of joint ownership in Alberta, Alberta is called “joint tenancy”. There is another form of ownership called “tenants in common” which we will cover later in this article. If the form of ownership is “joint tenancy” then the owners are typically married or a couple that is cohabitating. When two or more people buy or inherit a property, they are known as co-owners. If ownership is not specified, a “tenancy in common” tends to exist by default. To sell a home, co-owners need to communicate and reach a mutual agreement. When disagreements arise over a home, the court can intervene to order a sale and divide the property.”
There are other types of joint ownership, so you need to take a look at the deed to see how the title is held. Joint tenants own equal shares of a property, but both (or all) owners have to agree to a sale. In certain situations, though, if an agreement can’t be reached, the court can step in and force a sale.
Here’s how industry pros explain it: “If you are joint tenants, you each own an equal share. Both owners must consent to a sale. Tenants in common share separate, undivided interest in the home. Each tenant can sell or give away his share. If you want to sell the home with a tenant in common, you both must agree to sell your shares. The sale proceeds are divided based on the owner’s interest. One owner can also buy out the other tenant in common’s share to simplify the process.”
How to Reach an Agreement
Reaching an agreement early among all owners to sell a house in Calgary is the ideal scenario. Ideally, co-owners would have discussed and agreed on key decisions, such as selling, when they initially purchased or inherited the property. However, this isn’t always the case, and differing opinions can complicate the process. If you are wondering about the process of reaching an agreement on how to sell a house in Alberta with multiple owners.
Getting multiple parties to align on critical details like which offer to accept, the closing date, and the move-out timeline is no small feat. These decisions often lead to disagreements that can stall progress. To avoid potential conflicts, it’s essential to establish clear guidelines upfront. Before involving an agent, owners should agree on a minimum acceptable price, preferred sale timeline, and other critical terms. This provides a common foundation and helps streamline the decision-making process during negotiations.
Working with a Calgary real estate agent experienced in handling co-owned properties can be invaluable. They can help mediate disputes, offer practical solutions, and ensure the process stays on track. To learn more about how we can help, call (403) 383-6592 today.
Legal Issues
If you want to sell a house in Alberta when there are multiple owners, you also need to be aware that there are typically more legal issues to deal with (at least potentially). In fact, “liens, loans and unfavorable legal judgments belonging to one seller can complicate and even derail an entire house sale for all involved.”
“Whether married, divorced, or single, a home seller who owes creditors may incur liens against their name and real estate owned. Tax liens, mechanics liens, unpaid child or spousal support, and other major delinquent debt resulting in legal judgments against one seller can affect the sale of a home. For example, an tax lien would have to be repaid before closing or at closing with sale proceeds in order for the house sale to close. If paid at closing, this additional cost would impact the total net sale proceeds due to the sellers after closing.”
If such legal issues are a concern when you’re trying to sell a house in Alberta with multiple owners, be sure to contact a real estate professional at (403) 383-6592 for some guidance.
The Investor Advantage
Selling a house with multiple owners often presents unique challenges, and the process can be riddled with potential obstacles. While the actual steps to sell the home are similar to those for a single-owner property, the involvement of multiple parties introduces additional layers of complexity. Disagreements among owners, differing priorities, and legal entanglements can all complicate and delay the sale. This is why having a clear plan and expert guidance is essential.
In such cases, working with an experienced homebuyer in Calgary can make all the difference. Professionals familiar with the intricacies of co-owned properties understand the legal and logistical hurdles and can offer solutions tailored to your situation. Whether you’re facing disputes between co-owners or simply want a smoother transaction, we have the expertise to guide you through the entire process.
Our team has extensive experience handling complex sales, helping homeowners resolve difficult situations and achieve their goals efficiently. If you’re ready to sell a house with multiple owners in Calgary, don’t hesitate to reach out. Contact us today at (403) 383-6592 to start the process and let us make your home-selling journey as seamless as possible.