Detailed Answer
Selling a property with a co-owner in Maine requires clear communication, mutual agreement, and a formal listing contract. Each co-owner holds equal rights under Maine law and must cooperate in selecting a licensed real estate broker. Here are the key steps:
- Review co-ownership terms. Examine any written agreements or deeds that outline sale procedures or approval requirements. In the absence of a specific contract, co-owners share equal decision-making power.
- Define shared goals. Discuss desired sale price, marketing timeline, and minimum net proceeds. Write down agreed parameters to avoid misunderstandings.
- Verify licensing and reputation. All real estate brokers in Maine must comply with the Maine Real Estate Brokers and Salespersons Act. Confirm licenses at the Maine Real Estate Commission and review sales histories. (See Maine Rev. Stat. title 32, §14051: https://www.mainelegislature.org/legis/statutes/32/title32sec14051.html.)
- Interview multiple agents. Ask for marketing plans, prior joint-sale experience, local market data, and commission rates. Focus on agents who encourage a team approach and clear communication.
- Negotiate a written listing agreement. Maine law requires all owners to sign the listing contract, which must detail commission percentage, term length, marketing methods, and dispute resolution. (See Maine Rev. Stat. title 32, §14056: https://www.mainelegislature.org/legis/statutes/32/title32sec14056.html.)
- Resolve conflicts early. If co-owners cannot agree on an agent or terms, consider mediation or a partition action. Under Maine Rev. Stat. title 14, §6321, a court can order sale of the entire property and divide proceeds if co-owners deadlock. (See https://www.mainelegislature.org/legis/statutes/14/title14sec6321.html.)
- Maintain open communication. Hold regular check-ins with co-owners and the listing agent. Share feedback on showings and adjust strategy as needed.
Disclaimer: This article is for educational purposes only and does not constitute legal advice. Consult a qualified attorney for guidance on your specific situation.
Helpful Hints
- Put all agreements in writing, including email summaries of phone or in-person discussions.
- Use neutral meeting or call facilitators if negotiations become tense.
- Check the Maine Real Estate Commission website for disciplinary records before choosing an agent.
- Agree on a clear exit strategy if marketing fails (e.g., price reduction plan or withdrawing from sale).
- Consider a short-term partnership agreement to outline roles and dispute-resolution methods.