Updated: Dec 19, 2021
If you want to sell a co-owned property with another individual, both of you must agree for the sale to go on. Several factors can cause this situation, such as divorce or termination of a business agreement.
Here are a few options you can consider if you can't agree to sell the entire property.
Options to Consider in Selling a Co-Owned Property
Request Your Partner to Buy You Out
One of the best options is to sell your shares to your partner. It's because the co-owner who wasn't ready to sell the property can keep it. Remember, this route is possible if your partner can take up your share. For instance, if you have acquired the property through a mortgage, the co-owner has to take up the responsibility of servicing the loan.
Force a Sale
If you've got a convincing reason for selling the co-owned property, you can apply for a partition action from the court. Sometimes, it's easy to split the property, as with undeveloped land. The court can divide the land between the two of you and you're free to sell your portion. If the court can't impose a partition action on the property, such as subdividing a house, it can force the other party to sell the property and share the sale proceeds.
Sell Your Share to a Non-Owner
If you can't agree to sell the co-owned property, you can sell your share to a non-owner. However, this option is only viable if your co-owner is willing to share the property with the new co-owner. Also, some strangers dislike co-owning properties with people they don't know. Confirm if it's legal in your state to sell co-owned shares, as some prohibit this practice.
Are you planning to sell a co-owned property in California, but your partner is unwilling? The Law Office of Andre Clark is here to help. We are a professional law firm with experienced real estate attorneys ready to handle your matter. Call (888) 682-2529 for a free consultation.