Owning a house with others offers several clear advantages: shared financial responsibilities for bills and repairs, as well as divided labor for tasks like yard work and maintenance. However, issues can arise when it’s time to sell. Although the selling process is similar to that of a single-owner home, disagreements among owners—such as disputes over the asking price, timing, and method of sale—can make the experience incredibly frustrating. This complexity is heightened in more contentious situations, like selling a house during a divorce.

Find Out Exactly How the Title Is Held

The first and perhaps most crucial step in selling a house in Dallas-Fort Worth with multiple owners is understanding how the title is held. Before considering a sale, it’s essential to determine who legally owns the property and the nature of their ownership.

The most common forms of joint ownership are “joint tenants” and “tenants in common.” When two or more people buy or inherit a property, they become co-owners, holding the property as either joint tenants or tenants in common. If the type of ownership isn’t specified, it usually defaults to tenancy in common. To sell the property, co-owners must communicate and reach a mutual agreement. If disagreements occur, the court can step in to order a sale and divide the proceeds.

There are various types of joint ownership, so it’s important to review the deed to determine how the title is held. Joint tenants each own an equal share of the property, but all owners must agree to a sale. If they can’t come to an agreement, the court may intervene and force a sale.

Industry experts explain it this way: “As joint tenants, each owner holds an equal share, and both must consent to a sale. In contrast, tenants in common have separate, undivided interests in the property. Each tenant can sell or transfer their share independently. If you want to sell the home as tenants in common, both parties must agree to sell their respective shares. The proceeds from the sale are divided according to each owner’s interest. Alternatively, one owner can buy out the other’s share to streamline the process.”

How to Reach an Agreement

Reaching an agreement early on among the owners to sell a house in Dallas-Fort Worth is the ideal scenario. In a perfect world, the multiple owners would have already considered and agreed on selling when they first purchased or inherited the property. However, that’s not always the case.

Getting multiple parties to agree on crucial details like which offer to accept, the closing date, and the move-out date can be challenging. Before contacting an agent, it’s wise to establish guidelines concerning the price, sale date, and any other potential points of contention. This ensures you have a baseline or common ground to work from throughout the process.

A Dallas-Fort Worth agent experienced in selling houses with multiple owners can be an invaluable resource. To learn more, just call TX Home Buying Pros at (214) 296-2343.

Legal Issues 

If you’re planning to sell a house in Dallas-Fort Worth with multiple owners, it’s important to be aware that there may be additional legal issues to navigate. “[L]iens, loans, and unfavorable legal judgments against one seller can complicate or even derail the entire sale for everyone involved.”

“Whether married, divorced, or single, a home seller who owes creditors may face liens against their name and any real estate they own. Tax liens, mechanics’ liens, unpaid child or spousal support, and other significant delinquent debts resulting in legal judgments against one seller can impact the sale of a home. For instance, an IRS tax lien would need to be repaid before or at closing with the sale proceeds for the transaction to be completed. If repaid at closing, this additional expense would reduce the total net proceeds due to the sellers.”

If these legal issues are a concern when selling a house in Dallas–Fort Worth with multiple owners, be sure to contact a real estate professional at TX Home Buying Pros for guidance at (214) 296-2343.

The Investor Advantage

Selling a house with multiple owners can present numerous challenges, with potential pitfalls at every turn. While the basic selling process is similar to that of a single-owner property, external factors can significantly increase the difficulty of closing the sale. That’s why it’s crucial to work with an experienced Dallas-Fort Worth homebuyer. We have extensive experience in resolving the complex situations that often arise in these cases and can guide you through the entire process. If you’re looking to sell a house in Dallas-Fort Worth with multiple owners, contact TX Home Buying Pros today at (214) 296-2343.