Need to Sell a House to End Joint Tenancy?
It might seem like a good idea when you and a friend or partner decide to buy a single-family house together. The rental income and expenses are calculated, the lease is signed, and the tenants have moved into their new home. But then things start to go south, and suddenly you need to sell a house to end joint tenancy.
Joint tenancy is a legal term that does not refer to the tenants living in the house. The dictionary defines joint tenancy as, “the holding of an estate or property jointly by two or more parties, the share of each passing to the other or others on death.”
In other words, joint tenancy in residential property means two or more people or legal entities have legal ownership of it. A husband and wife might own it together, or an individual might own it jointly with a corporation or a trust. There are many possibilities for ownership as a joint tenancy.
Most people generally start out with good intentions. But circumstances can change for one or both joint tenants at any point in their shared ownership, which can interfere with their harmonious business arrangement.
How and When to Part Ways
Once a business partnership deteriorates it rarely recovers and returns to perfect harmony. Seasoned real estate investors know this because they have had situations go bad in the past, but newer investors may not understand the interpersonal dynamics or how unlikely they are to recover trust.
That’s when one of the joint tenants may offer to buy out the other one, or the others, if there are more than two joint tenants. If this plan works out, it’s an ideal solution. There is continuity for the tenants living in the house, and there is continuity in legal ownership.
But people who are not getting along may not come to such a neat, clean solution. They may be at odds to the point where they are not even speaking to each other, which makes cooperation in the business of real estate nearly impossible.
We Pay Fast to the Rescue
That’s when smart investors may decide to cut their losses and sell a house to end joint tenancy. Getting out of their business partnership may become more important than making a profit in the future. And they know that calling the professional buyers at We Pay Fast is a good decision to accomplish what needs to happen next.
Our number is (405) 521-1807, and our email address is info@wepayfast.com Call to get a quick, easy sale and an end to your awkward joint tenancy.