Did you know there is a way to enjoy a property without bearing all financial matters alone? This is possible through co-ownership or joint ownership of a property. But there might come a time when you want to sell this co-owned property. The question is, how? Selling a property owned by two or more people in Calgary can be tricky.

This blog breaks down this process into simple, easy-to-understand steps.

 

Know Your Ownership Type

The first thing you need to know about is the type of co-ownership that you have. There are two types:

• Joint Tenancy: Here, all owners have equal ownership. If one owner dies, their share doesn't go to their will or heirs but to the remaining owners automatically.
• Tenancy in Common: Each owner owns a specific part or percentage of the property, which might not be equal. This part can be given away in a will or sold to anyone. So, when one owner dies, their part goes to their heirs or the person they named in their will.

Knowing the type of co-ownership makes it easier to navigate the process of selling a jointly owned property.

 

Agreeing to Sell

The agreement to sell is a crucial step that comes before the actual selling of the property. All owners must agree on several key things:

• Why you want to sell
• When you want to sell
• What should be the asking price
• How to sell (on your own or with a real estate agent)
• How to split the sale's proceeds

Once everything is decided and agreed upon, write it all down. This step will help in avoiding any arguments or misunderstandings later on.

 

Getting a Real Property Report (RPR)

In Calgary, owners must obtain a Real Property Report before selling a property. This report has all the details about the property, such as its boundaries and any changes or improvements done to it. A professional surveyor prepares the RPR. Remember, it must have a municipal stamp.

 

Listing the Property

Now, it's time to put your property up for sale. You and the other owners can choose to do this all by yourselves, or you can hire an experienced real estate agent or sell it to a home-buying company such as mrhomebuyer.ca.

 

Wrapping Up the Sale

The following steps are crucial to finalizing the sale.

Seek Legal Aid

The sale of a property involves legal aspects that might be tricky. Hence, each owner should have their own lawyer. The lawyers will protect each owner's rights and guide you through the legal process.

 

Read and Sign Documents

During the sale, there will be numerous legal documents that you have to sign. Ensure you read all of them carefully. Don't hesitate to ask your lawyer if you don't understand something.

 

Split the Money and Close the Chapter

Once the sale is final, the money made from the sale will be divided among the co-owners as per your earlier agreement. Also, remember to clear all loans or dues tied to the property.

 

Conclusion

Selling a property owned by many people might seem tough. But knowing the type of ownership, making a plan, getting an RPR, deciding how to sell, and having a lawyer can simplify it. This can help everyone decide wisely, protect their rights, and make selling the property in Calgary a success.