Explained: Can You End Joint Tenancy by Selling a Home For Cash?

Explained: Can You End Joint Tenancy by Selling a Home For Cash?

Once a couple parts ways as individuals, they are likely to divide all the assets, including the cash and estate. If the couple owns a property jointly, they have no option other than ending a joint tenancy. Before we continue, one should be familiar with the term “joint tenancy.”

Joint tenancy refers to when two or more individuals own the property equally. Of course, in the past, it was an agreeable legal arrangement. Now it may be a problem because things are different. 

At Detroit Cash For Homes, we have assisted numerous couples in handling joint properties. The best solution to end the tenancy is selling a home for cash fast. We buy houses in Royal Oak in any condition, even the ones that are owned jointly. 

However, most people are skeptical whether a home sale can end the joint tenancy or not. If you have the same confusion, you are on the right page. 

  • Ending a joint tenancy: Everything you should know 

If you are in the middle of a divorce process or had a rift with your siblings, you might want to break all links, even in terms of properties and other assets. Situations like these are frustrating and emotional because you never expected this would come. Most people have no idea how to deal with it. Well, there are two options to solve this problem:

  • The first one is easier. In this, you can get out of joint ownership by buying your partner’s shares. It means you have to pay cash for their half of the estate to get a deed signed over to you. It is a feasible solution if both parties agree to the terms. If there is no cooperation between the joint tenants, this option may not be helpful.
  • The other option to end the joint tenancy is selling your property for cash. This is the best solution because of the cash equity generated in a home sale. It is equal to the sale excluding mortgage payment, commissions, repairs & renovations, taxes, closing costs, and outstanding bills. 

If you do not want to deal with the hassles of costly repairs and upgrades, sell your property to a Royal Oak estate home buyer like Detroit Cash For Homes. Unlike others, we buy houses for cash in Royal Oak without improvements, listing, and commissions. 

  • Sell house as-is 

Often, disagreements among property owners make selling a house for cash necessary. Since you are already going through a lot, undertaking repairs & renovations, home showings, appraisals, staging, and marketing can become overwhelming. Therefore, it is advisable to sell your house fast in Royal Oak to Detroit Cash For Homes. 

We buy houses as-is without letting our clients undergo any stress and hassle. If your property requires any work, our staff will handle everything for you. We pay in cash and close the deal fast while distributing the equity equally between the homeowners. 

If you are wondering “how to sell my house fast Royal Oakto end the joint tenancy, get in touch with Detroit Cash For Homes. To get a free estimate, call us today.