Detailed Answer
Selling jointly owned real estate in Delaware requires cooperation, clear communication and adherence to state statutes. Whether you own as tenants in common or joint tenants, you and your co-owner must agree on an agent and negotiate the listing terms together.
1. Understand Ownership Structure
Delaware recognizes partition rights under 25 Del. C. § 503. If co-owners disagree, one party may petition the court for partition of the property. To avoid litigation, start by meeting to discuss your goals.
2. Set Shared Sale Objectives
Define your key priorities—sale price range, timeline and marketing approach. Write these down and share them. Agree on a minimum acceptable offer and any contingencies before interviewing realtors.
3. Research and Pre-Screen Realtors
Use the Delaware Real Estate Commission directory (24 Del. C. Ch. 29) to verify licensure. Look for agents with proven success in your neighborhood and volume of sales comparable to your property type.
4. Joint Interviews of Candidates
Schedule in-person or virtual interviews with at least three agents. Prepare the same list of questions for each:
- Average days on market and list-to-sale price ratio
- Marketing plan (online, print, open houses)
- Communication style and frequency
- Commission rates and fee structure
5. Reach Consensus on Listing Agreement
Once you select an agent, carefully review the Exclusive Right to Sell Listing Agreement. Ensure both signatures appear. Confirm the agreement’s term, commission rate, and any seller obligations—repairs, staging costs, utility payments.
6. Maintain Ongoing Communication
Set up regular check-ins—weekly or biweekly—with your agent and co-owner. Review showings, feedback, and potential price adjustments together. Document major decisions in writing.
Helpful Hints
- Use a shared digital folder (e.g., Google Drive) for documents: listing agreement, disclosures, inspection reports.
- Consider a co-ownership agreement amendment to outline sale procedures and split costs.
- If disagreements arise, explore mediation before filing a partition action in Superior Court.
- Ensure all property disclosures comply with 25 Del. C. § 8101 on seller obligations.
- Keep records of all communications with the realtor and co-owner in case of future disputes.
Disclaimer: This article is for educational purposes and does not constitute legal advice. Consult a qualified Delaware attorney to address your specific circumstances.