Co-owning a property offers clear benefits: shared financial responsibilities for bills and repairs, plus divided labor for maintenance and upkeep. However, challenges often emerge when it’s time to sell. While the technical selling process remains similar to single-owner transactions, disagreements between owners about pricing, timing, and selling methods can create significant friction. When complicated by emotional situations like selling a house during divorce, these challenges can multiply exponentially.
Find Out Exactly How the Title Is Held
The critical first step to sell a house in Chicago with multiple owners involves clearly establishing how the property title is held. Before proceeding with any sale plans, you must determine exactly who owns the house and under what legal arrangement they own it.
The most common types of joint ownership are “joint tenants” and “tenants in common.” When multiple people purchase or inherit property together, they become co-owners. If ownership details aren’t specifically outlined, tenancy in common typically exists by default. For a successful sale, all co-owners must communicate effectively and reach mutual agreement. When disputes arise that can’t be resolved, courts may intervene to order a sale and divide the property proceeds.
There are several other forms of joint ownership, so reviewing the deed is essential to understand how the title is held. Joint tenants own equal portions of a property, but all owners must consent to any sale. In particularly contentious situations where agreement seems impossible, courts can sometimes intervene to force a property sale.
Real estate professionals explain it this way: “As joint tenants, each owner holds an equal share, and both owners must consent to any sale. Tenants in common maintain separate, undivided interests in the property. Each tenant can sell or transfer their individual share. When selling the entire home with a tenant in common, both parties must agree to sell their respective shares. Sale proceeds are then distributed based on each owner’s interest percentage. Alternatively, one owner can purchase the other tenant’s share to streamline the process.”
How to Reach an Agreement
The ideal scenario is when all owners agree early in the process to sell a house in Chicago. Ideally, multiple owners would have discussed and reached consensus about potential selling situations when initially purchasing or inheriting the property. Unfortunately, such foresight isn’t always present.
Achieving agreement among multiple owners on crucial details like acceptable offers, closing timelines, and move-out dates can be challenging. Before engaging a real estate professional, establish clear guidelines regarding price expectations, desired sale timeframe, and other potential points of contention. This creates a foundation of common ground that can help navigate disagreements during the transaction process.
A Chicago real estate specialist with experience handling multi-owner properties can be invaluable in these situations. To learn more about navigating these complex transactions, call our bilingual team at 312-625-6506.
Legal Issues
When attempting to sell a house in Chicago with multiple owners, be aware of the additional legal complications that often arise. “Liens, loans, and unfavorable legal judgments against even one seller can complicate or completely derail the entire transaction for all parties involved.”
“Regardless of marital status, any seller with outstanding debts may have liens placed against their name and property. Tax liens, mechanics liens, unpaid child or spousal support, and other significant delinquent debts resulting in legal judgments against one seller can impact the entire property sale. For instance, an IRS tax lien would require resolution either before closing or through sale proceeds at closing for the transaction to complete. When paid from closing proceeds, these additional costs directly reduce the net amount all sellers receive after closing.”
If legal complications are concerning you when selling a house in Chicago with multiple owners, contact our experienced team at 312-625-6506 for transparent, straightforward guidance on resolving these issues.
The Investor Advantage
In conclusion, selling a property with multiple owners presents unique challenges filled with potential complications. While the technical selling process mirrors that of single-owner properties, the interpersonal factors can significantly increase difficulty. This is precisely why working with an experienced Chicago homebuyer like CVG Properties LLC makes all the difference. As the only local cash buyer with a fully bilingual team, we specialize in navigating complex ownership situations, particularly with older homes that may have city code violations or other issues. We pride ourselves on a transparent, no-surprise process that’s especially valuable when multiple decision-makers are involved. If you’re looking to sell a house in Chicago with multiple owners quickly and without hassle, contact us today at 312-625-6506.