What happens if one of the owners does not want to sell?

What happens if one of the owners does not want to sell?

This situation can occur when several people become owners of the same home but do not have the same needs or interests, which is common after a divorce, separation or inheritance.

As long as there is no agreement between the owners and the property remains blocked, there will continue to be maintenance costs, supplies, community if any, local taxes such as IBI and garbage collection fee, as well as bank charges if there is an outstanding mortgage. All this can generate new friction between the parties and increase the costs associated with a situation that remains unresolved.

Therefore, although it is not always the easiest, the best thing to do is to try to reach an agreement.

What if there is no agreement?

This is where the situation can get complicated.

When there is no possibility of agreement, there are different alternatives. One of them may be that the owner who wishes to keep the property acquires the participation of those who want to leave the property.

It is also possible for one of the co-owners to transfer their interest in the property, although this option does not amount to selling the entire home and may be more difficult to carry out in practice.

If there is no agreement and the intention is to put an end to the co-ownership situation, any of the owners can consider going to court to request the division of the common property. Reaching this extreme usually involves more time, costs and greater confrontation between the owners.

In addition, a sale made within a judicial procedure does not necessarily allow the same economic conditions to be obtained as a sale negotiated on the open market.

Conclusion

When several owners do not agree on what to do with a home, the first thing should be to look for a consensual solution. It can be to sell the property and distribute the amount among the owners, one of them to acquire the participation of the others or to find another formula that allows the co-ownership situation to end.

If it is not possible to reach an agreement, other alternatives will have to be evaluated, including the judicial route, with all that this may entail.

In any case, each situation has its own legal and tax particularities, so when there is a conflict between owners, it is important to have the right professional advice before making a decision.

From a real estate point of view, my recommendation is clear: if there is a reasonable chance of reaching an agreement, it is worth trying before turning the issue into a legal proceeding.

If you are in a situation of this type and want to know the possibilities of selling the property, you can discuss it with me with total peace of mind.