Detailed Answer
Understanding Joint Ownership in Missouri
When two or more people own property together in Missouri, they hold title either as joint tenants or tenants in common. Each owner has an equal right to market and sell the property, but practical coordination is key. Without agreement, one owner could act unilaterally, creating conflict and delaying the sale.
Agreeing on Realtor Selection
Follow these steps to reach a mutual decision:
- Open Communication: Schedule a meeting or call with your co-owner. Outline goals such as sale price range, marketing budget, and timeline.
- Define Criteria: Agree on key qualifications for an agent: state licensure under RSMo §442.030, local market expertise, commission rate, and marketing plan.
- Compile a Shortlist: Each owner proposes 2–3 Realtors. Compare credentials, recent sales data, and client reviews.
- Interview Candidates: Conduct joint interviews. Ask about negotiation style, communication practices, and contingency plans.
- Negotiate Terms: Discuss commission split, listing duration, and cancellation terms. If you agree, memorialize these in a written listing agreement.
Fallback Options under Missouri Law
If you cannot agree on an agent, consider these alternatives:
- Mediation: Hire a neutral mediator to facilitate discussion and recommend a Realtor.
- Partition Action: As a last resort, file for partition under RSMo §521.010. A court may order sale or physical division of the property.
- Temporary Listing Agreement: Agree to use a low-commission agent for an initial period (e.g., 30 days) and revisit selection afterward.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. Consult a licensed attorney in Missouri for guidance specific to your situation.
Helpful Hints
- Document every decision in writing to avoid misunderstandings.
- Keep communication frequent and transparent during the listing period.
- Compare at least three Realtors to ensure competitive commission and service.
- Review the Missouri Real Estate Commission website for licensed Realtor verification.
- Consider an attorney-reviewed joint listing agreement for added protection.