Selling a property is a complicated enough process when only one owner is involved. You must fix the home up, decide on a starting price and field offers from potential buyers. You also must work closely with real estate and title agents to complete the sale. If you have joint ownership with another person of the home, it is difficult to make any move without having that other owner involved.
Schedule a meeting with the other property owner to discuss the overall process of selling the home. Come to an agreement on the basic terms of the sale, including the price you want to set, the amount you will contribute to the sale, the real estate agent you will use and the split of proceeds. If you’re unsure of a fair split, go by the advice of real estate attorney Jonathan Taylor: "The ratio of equity put into the deal is the ratio gotten back in the sale." Negotiate, and get the final agreement in writing to reduce the chance of later disagreements.
Review your offers for the home together, and choose one that you both agree with. Sign the initial sales agreement along with the joint owner to officially accept the buyer’s offer and proceed with the sale.
Determine the total expenses required to sell the property, including repair and home improvement costs. The buyer’s agent commonly provides you with a list of contingencies of the sale that you must take care of before the closing date. Split the costs per your arrangement.
Schedule a closing date with your real estate agent that both you and the other person can attend. You must both present identification and sign paperwork to officially transfer ownership of the house to the new buyer. When the buyer finishes signing his own paperwork, you’ll receive your portion of the proceeds of the sale (after paying off any leftover mortgage balance). You can ask the title agent to split the proceeds into two separate checks in each of your names per the split of the sale you defined in your agreement with the other owner.