Selling co-owned property is hard, especially if you’re not on good terms with your spouse. It usually happens during a divorce. You need to sell your house fast in Ogden, and your spouse is refusing the sale. A reluctant partner can create additional stress with an already complicated procedure.
What Happens When Your Spouse Refuses to Sell the Property?
- If only your name appears on the deed, you can sell the house in Ogden. However, legal matters are complex, and you can find a name buried deep in other documents. For example, in some states, a house owned during the marriage is considered “marital property.” Therefore, your partner would have some rights even if he/she didn’t contribute to the financial part of property ownership.
- You can’t close the deal without the signed approval of every co-owner.
- In case of a divorce, the court can decide about the property ownership and distribution of assets.
Documents You Need to Initiate the Sale
- Sales agreement: Applies if you already have an offer on the house and have signed the contract. Listing the home is possible with the consent of just one person. However, closing requires the approval of everyone mentioned on the deed.
- Mortgage Note: That’s the collateral value of your property. You need to see who owns the mortgage.
- Grant Deed: That’s the identification of your ownership. If you have other people on the grant deed, you can’t sell the property in Ogden.
What Are My Options If My Partners Doesn’t Want to Sell?
Buy-Out Your Partner’s Share: If you’re financially stable, you can refinance the property to get the mortgage in your name. That way, you can skip the task of finding a different buyer. Instead, you’ll just pay your spouse and get the deed transferred to your name.
Forced Sale: In some cases, if nothing works, you can go the court which is an expensive option. Attorney fees and court hearings can cause thousands plus stress. However, the court can force the sale.
Going to court is always considered the last resort. We need to try our best before going this route.
Understand Why Your Partner is Not Cooperative
You must be thinking; my ex wants to sabotage the sale. He/she wants to destroy everything, but that might not be the case. There can be other reasons like:
- Emotional attachment to the house
- Fear of the future: Can’t imagine a future without the family home.
- Fear that the sale will negatively impact the kids
- Can’t afford a similar residence
- Fear of losing their rights during the sale
An honest conversation can go a long way. You need a different strategy if your spouse is reluctant about the sale because of these issues. You can provide some options to get their support in exchange. Make it clear that while you can force the sale, it never benefits anyone.
Let Your Spouse Buy-Out
Consider the deal closed if your spouse agrees to buy out your share. Then, your partner can refinance the house, pay you for your share and move on with life. Of course, that might be easier said than done. However, giving the option and trying that route can solve several complex issues.
Offer Financial Incentives
You and your lawyer can offer a gift to your spouse. For example, say that you care about the situation and would like to offer $5,000 to complete the sale asap. Mention that it’s the best solution for all parties.
If you can avoid paying attorney fees and court hearings, paying the incentive makes sense. You can avoid all the stress and trouble.
Give Your Partner the Freedom of Choice
Your partner needs to know that they have a choice to make between three options: buy out the share, get a financial incentive, or a forced sale.
Craft a contract with your attorney and get it signed when your partner accepts an option. You want to offer choices, but you need to protect your rights as well. Selling a co-owned property in Ogden is a difficult step, but you have to move further in life. If you need help with a complicated real estate situation, please give us a call at 801-648-7942. The team at Fast Home Offer Utah has experience with local matters. We can help you resolve these legal matters with expert advice, and we can also buy your property for a fair cash price.