How To Sell Your Ownership Share

Co-Own.com.au Team
 
Selling your ownership share can be an exciting and gratifying experience, it can also be very daunting with little to no information on the process to follow. We’ve put together this article that shows you the complete process on how to sell a shared ownership property.

 

Here are the 6 steps for selling your ownership share:


 

Step 1: Find an Approved Co-own Agent


Step 2: Waiting for an Offer


Step 3: The Sales Contract


Step 4: The Co-Ownership Agreement


Step 5: Getting Your Shared Ownership Loan


Step 6: Settlement


 
 
 
 

Step 1: Find an Approved Co-own Agent


Before advertising the property, It's crucial that you choose a real estate agent trained in shared ownership dealings.

 
You can find an approved co-own agent in your area by filling out our contact form here.
 
 

Step 2: Waiting for an Offer

 

The property will then be advertised showing the ownership role and percentage of ownership on offer.

 
 

Step 3: The Sales Contract


After the purchase price is agreed upon, the contract of sale will be drawn up using the title structure Tennants in Common, normally showing the ownership share being sold as a fraction. eg; 50/100, reflecting 50% ownership. 
 

 

Step 4: The Shared Ownership Loan

 

If the buyer requires a loan for the property, your agent will then refer them to an approved co-own finance broker. Each of our approved brokers have been trained in shared ownership and will ensure that you and your co-owners loans are treated independently.


 

Step 5: The Co-Ownership Agreement

 

The existing co-ownership agreement already in place must be transferred to the new owner. This is unless both co-owning parties agree to have it changed.

 
The agreement sets out each parties legal rights and obligations, it also addresses any foreseeable issues and provides a means of dealing with them. All parties owning the property will need to agree to the co-ownership agreement before the sale can go through.


 

Step 6: Settlement

 

This is by far the most exciting time for all involved. The new co-owner will take over your share of the properties ownership, along with your existing ownership role in place.

 
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