Can i sell half my home ownership to someone?
I dont want to be responsible for half the house expenses are too high. I know husband and wife acan co own but can someone random co own with me?
- Nuff SedLv 72 months ago
Yes, you can legally sell some or all of what you own, subject to whatever liens or other obligations you might have attached to it.
- babyboomer1001Lv 72 months ago
Yes, you can co-own it. Consult a lawyer so that you each take title to protect your heirs from losing the half that you probably want to pass down, as opposed to losing your half to the other owner. The lawyer can also handle the new deed.Source(s): Certified Paralegal, with 25+ years' experience.
- SCATTY cLv 62 months ago
In theory, yes you can do that.
But who is going to buy a half share in a house?
Have you also considered that if you continue living in the property you will need to pay rent to the other owner for the half share you don't own.
The other owner, could in theory, allow someone to move in with you. So his awful 23 year old younger brother could be your new roommate, ditto his work shy friend whose wife had just chucked him out......
- Anonymous2 months ago
You won't find anyone willing to buy half.
- How do you think about the answers? You can sign in to vote the answer.
- Coffee DrinkerLv 72 months ago
If you own the home outright with no mortgage then yes. If you have a mortgage you will need the bank's permission and they will likely block the sale unless you refinance.
There are multiple ways to hold the title (Deed) and the method you choose would determine what rights everybody has.
The two most common methods are:
1. Joint Tenants with right of survivor-ship - under this method all owners share full ownership. All owners have rights such as the right to live in the home, responsibility for maintenance & taxes, etc. If one owner dies the other owners still share full ownership. The deceased person does not own an exclusive "share" that they can sell or leave to their children in their will. This is the most common way for family members such as spouses or parent/child to purchase a shared home.
2. Tenants In Common (TIC) - under this method each owner owns a specified share of the home. You could own 60% and sell the other 40% to someone else or sell 10% each to 4 different people if you wanted to. But those people could sell their shares to other people without your permission or leave it to their kids when they die. Its more like creating a corporation and chopping up ownership into shares - once a person owns a share it is theirs and they can do what they want with it. This method can get messy very quickly and it would be wise to get proper legal advice before proceeding down this path.
- A HunchLv 72 months ago
If you can find someone who wants to purchase 1/2 a property = sure, you can do this.
I don't think most people want to own 1/2 a property with someone they don't have any relationship with unless it's a commercial building.
- dog maLv 72 months ago
Yes, but why would you do that? If you have a mortgage, the entire loan can be called immediately due and payable if you change the ownership of the house. If you own it outright, you can certainly sell half of it to someone else, but I wouldn't recommend it. And do you really want to co-own a major investment with "someone random"? Why not just find a roommate and keep your interest in your house intact? Even for couples living together and not married, I strongly suggest they have a written exit plan for if/when one of them wants out. Harder to do with someone you don't even know....
- SlickterpLv 72 months ago
If you own it entirely, you can do that, yes. Be careful how the deed is written, use an attorney.
- pearlmarLv 72 months ago
No you cannot.