Coordinating Realtor Selection with a Co-Owner for a Joint Property Sale
Detailed Answer
When two or more individuals co-own real estate in Maryland, deciding on a realtor requires clear communication and a structured approach. Follow these steps to streamline the process and protect everyone’s interests:
1. Establish Shared Goals
Begin by discussing your timeline, desired sale price range and marketing expectations. Agree on basic parameters before evaluating realtors.
2. Research and Create a Shortlist
Each co-owner should research local real estate agents. Look for:
- Experience selling similar properties in your county.
- Positive client reviews and strong online presence.
- Knowledge of local market trends and pricing strategies.
Compare notes to build a joint shortlist of two to three candidates.
3. Conduct Joint Interviews
Schedule interviews with each shortlisted realtor. Prepare a standard list of questions:
- What is your average days-on-market for similar listings?
- What commission structure do you propose?
- Can you provide a tailored marketing plan?
Having both co-owners present ensures transparency and aligns expectations.
4. Review Licensing and Disclosures
Maryland law requires realtors to provide an Agency Disclosure Statement (Real Property Code § 17-306). Review this document carefully to understand the agent’s duties and dual agency implications.
5. Negotiate Terms and Sign a Listing Agreement
Once you select a realtor, negotiate commission rates, listing duration and cancellation terms. Ensure both co-owners sign the listing agreement. This contract is legally binding: it outlines the agent’s responsibilities and your obligations.
6. Handle Disagreements Proactively
If co-owners cannot reach consensus, consider mediation or a lawyer’s assistance. As a last resort, Maryland law allows a partition action by sale under Real Property Code § 8-201. This court-ordered sale splits proceeds among owners.
Helpful Hints
- Document every decision in writing to avoid misunderstandings.
- Communicate regularly—weekly check-ins keep both parties informed.
- Obtain written estimates for photography, staging and other marketing expenses.
- Ask potential realtors for sample marketing materials and online listings.
- Discuss how to handle offers—will you both need to approve every buyer?
Disclaimer
This article is for educational purposes and does not constitute legal advice. Consult a qualified attorney for guidance tailored to your situation.