I Own a Property With Another Individual — How Do I Sell My Half?

In this Q&A segment, host John Laws asks Larry Mastropieri a practical real estate question: how can someone sell their half of a property when it is co-owned with another individual? Larry explains that the answer depends heavily on the relationship between the co-owners and whether there is trust and cooperation between them. If both parties have a good working relationship and trust each other, the process can be relatively simple. In some situations, a property owner can execute the necessary paperwork to remove someone from the deed or title, allowing ownership to be transferred. However, Larry cautions that financial, accounting, and tax implications may arise when money changes hands, making it important to consult with an accountant before proceeding. Larry emphasizes that a real estate agent is not always necessary for this type of transaction. Instead, he often helps by connecting clients with a qualified title company that can facilitate the process. He describes how a title company and attorney can help draft legal agreements outlining the terms of the buyout, including the purchase price and payment arrangements between the partners. If the relationship between the co-owners is more complicated or contentious, additional legal safeguards and documentation may be required to ensure the transaction is completed properly. A major takeaway from Larry’s response is the importance of working with experienced legal professionals. He highlights the benefits of using a title company that is owned by an attorney and supported by a team of legal specialists. Such a team can assist with a variety of related legal matters, including probate issues, evictions, litigation, and other complications that may affect the ownership transfer. Larry concludes by explaining that the right professionals can guide property owners toward the best solution for their specific circumstances. While he is available if the property ultimately needs to be sold on the open market, his primary recommendation is to seek proper legal guidance first and then determine the most appropriate path forward.