How to Force a Sale of a Jointly Owned Property

Are you considering selling a jointly owned property, but you’re unsure how to handle the situation? If so, you’re in the right place.

Selling a co-owned property can be a real pain. After all, the person you’re selling to deserves to buy the property at a fair price. The whole situation can go down in flames if your partner decides to lowball the offer.

Fortunately, you have options. By learning what the process is, you can handle the situation without much trouble. Keep reading to learn all about the forced sale of a jointly owned property.

Determine the Value of the Property

To force the sale of a jointly owned property, the owner of the property must first determine the value of the assets. This is done through an independent appraisal so that both parties receive a fair and impartial valuation. The appraised value may be higher than what either party is willing to accept, so compromises may need to be made.

An owner could challenge the appraised value if it is believed to be too high. Once an agreement has been settled and the appraised value accepted, the parties in the joint ownership can go through the legal process of the sale.

Utilize a Qualified Mediator

When two parties are stuck on a decision regarding a property, such as when deciding to sell, utilizing a qualified mediator may be helpful. A mediator is an impartial third party who can help both parties make informed decisions while keeping the interests of both parties in mind. It is important to ensure that the mediator is qualified in the field of dispute resolution.

The mediator can work with both parties to come to terms that both parties are happy with or to come to an agreement on how to force a sale of the property. This agreement could include arrangements such as how the proceedings of the sale will be handled, the timeline of the sale, and other specific details about the sale. As an impartial third party, the mediator can help both parties understand the legal implications of their decisions.

Negotiate the Sale of Co-Owned Property

When negotiating the sale of jointly-owned property, the most important step is to agree on how the sale will be handled. To force the sale of the property, all owners must come together and reach a mutual agreement as to the price and terms of the sale. If one of the owners refuses to agree, that person can still be forced to sell if the other owners have a court action brought against them to get the title.

A partition lawsuit is a lengthy process, but it’s possible to get a court order to force the sale of the property. It’s important to keep in mind that, even when presented with a court order, the owner may continue to disagree and refuse the partition action. In this case, the court may appoint a receiver to oversee the sale of the property, ensuring that all conditions are met.

Understanding the Process of a Forced Sale

The process of forcing the sale of a jointly owned property can be complicated depending on the situation. Owners should be familiar with state statutes and the process of petitioning for a sale and should use the help of an attorney if needed. Make the thought of a jointly owned property one of cooperation and agreement, and take the appropriate steps for a forced sale.

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