Profile picture for user6527290

Selling a Co Owned home

Ok so I am having a hard time with this. 

My grandmother died about 5 years ago and left to house to 5 parties. Myself and my cousin decided to work together and buy out the other 3 parties. 

My cousin lives in Cali has not been to this house in nearly 4 years does not pay taxes or upkeep. The property is becoming to much to maintain. The house is paid for and is in a very good location (5 acres, inside city limits but not annexed still retained as county)I am wanting to finish school and probably have to move out of state myself.

If I want to sell my half of the house, Would my cousin have to buy me out? I dont have a partnership agreement... So how would this all unfold?



  • June 03 2013 - Auburn
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (5)

You really need to speak to a good real estate attorney who is accustomed to sorting these things out. Good luck!
  • June 03 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

You could either give away your half ownership to your cousin (via quit claim deed), sell your half to your cousin or you could both opt to sell the property. Since (I presume) there are two owners on deed, both owners would have to sign off on the sale of the home. It sounds like since your cousin doesn't live in CA, perhaps you should consider just selling the home and splitting the proceeds with your cousin.
  • June 03 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

If you are in Alabama, the short answer is yes, your cousin would have to buy you out as a legal document will be required if even for only $1 and a closing statement as well as a deed. (Would you call that a buyout?) To get it recorded, you'll need a decent real estate attorney. Sadly (shooting myself in the foot here) you really don't need an agent to do this! (Did I just say that?) Depending on how it is set-up currently (recorded with you & the other heirs as owners at the courthouse) as to what type of deed you'll need. Your attorney will know which type to prepare & file after running a simple title search.
  • June 03 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for wetdawgs
"My cousin lives in Cali and does not pay taxes and upkeep."   Have you been living in the house during these years with the benefit of no rent?   Perhaps it balances out.

Michael's three choices are reasonable.

Have you discussed this with your cousin? 

  • June 03 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

It could be as simple as doing a cash out refinance to get you the equity that you inherited.  If it is owned free and clear this may be the best solution.  This way you do not have to sell and can get your cash out.
  • July 17 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.