When one person owns a property in Delaware, selling it is fairly straightforward. They can simply list the property and then consider the offers that come in until they decide which one they want to accept.
But things get a bit more complicated if property is jointly owned. For instance, maybe two friends bought a house together during college, so now they are co-owners after graduation. One of them wants to sell and relocate, but the other does not.
Or, perhaps two siblings inherited their parents’ home jointly. They both own the property, and one sibling wants to keep it so that the home stays in the family, while the other one wants to sell it because they just view the house as a valuable part of their inheritance.
What type of ownership is used?
In many cases, both property owners have to agree if they are going to sell. It all depends on the type of property ownership.
For instance, with joint tenancy, there needs to be cooperation between multiple property owners. If they cannot agree, the court may have to step in and make a ruling, such as officially dividing the property so that one share can be sold.
However, if ownership is based on the principle of tenancy in common, each person already has an individual share. One person could sell their share in the property while the other retains theirs, and it should not cause any issues.
Exploring your options
These types of real estate situations are very complex and often lead to disputes between co-owners. If you find yourself in this position, you must understand all of your legal options.