To buy someone out of a house refers to the process of purchasing another person’s ownership interest in a property, making you the sole owner.
This commonly occurs when two or more individuals own a property together, such as co-owners, joint tenants, or partners, and one party wishes to acquire the entire ownership share held by the other party.
Buying someone out of a house involves negotiating a price for their share of the property’s value, which can be based on factors such as:
Current market conditions.
Property appraisals.
The initial investment made by each party.
The individual who wants to buy out the other party becomes the new sole owner of the property after completing the transaction.