You do not need to buy a home alone. There are numerous legal agreements, such as tenants in common and joint tenancy, for purchasing real estate or other property in partnership with someone else, or giving someone else an ownership share in your house. From the absence of a written agreement saying otherwise, you and your co-owners have equivalent ownership bets, and each owns the whole property, as opposed to every individual owning a particular set of rooms. Co-owners can’t sell a house without unanimous agreement, even though they usually have the right to sell their ownership share.
Identify the type of ownership you’ve got. Tenancy in common simply means that more people share ownership, as stated by the Bornstein and Oppenheimer authorized company. Joint tenancy comes with a right of survivorship: When one tenant dies, the others divide up his interest in the house, superseding any wishes in his will. In community property states such as California, married couples are assumed to discuss ownership when they buy a house. Tenancy by the entirety similarly gives married couples–and in certain nations same-sex couples–mutual ownership.
Find out more about the law in your own state. If you’re a tenant in common, you’re free to sell off your ownership to a different tenant at any time. As a joint tenant, despite the fact that you can’t bequeath your ownership to your heirs, you may sell it if you choose. If you own the home as property or property in the entirety, however, the Nolo website says, you can’t sell your ownership discuss: You can only sell the whole home, and that’s only if your spouse agrees.
Boost your share of the ownership according to the laws of your state. In California, for instance, all you need to do if you’re a tenant in common or joint tenant is to implement and deliver a deed to the buyer, real estate attorney Eugene Kinsey states. As soon as you do so, your co-ownership is ended.