Disclaimer: This article is for educational purposes and does not constitute legal advice.
Detailed Answer
Co-owners must align on realtor selection to sell joint property efficiently under Nevada law. Follow these steps:
1. Understand Ownership Interests
First, identify each co-owner’s legal interest (tenant in common or joint tenancy). Tenants in common can sell their share independently but usually choose to sell the whole property together. Joint tenants share equal ownership and consent to sale as a single transaction.
2. Discuss Goals and Timeline
Meet to set clear goals—price expectations, marketing plan and timeline. Agree on key milestones: listing date, open houses and closing target.
3. Evaluate Potential Realtors
Research real estate brokers licensed in Nevada. Review credentials, track record and local market expertise. Ask for references and sample marketing plans. Confirm they hold a Nevada broker license under NRS 645.633, which requires brokers to supervise salespersons and maintain client funds properly.
4. Negotiate a Joint Listing Agreement
Once you choose a broker, review the listing agreement together. Address commission rate, listing period and cancellation terms. Both co-owners must sign to bind the broker’s fiduciary duty to the sellers under NRS 645.634.
5. Path If You Cannot Agree
If you and your co-owner cannot agree, consider a partition action under NRS 40.010. A court can order sale of the property and divide proceeds among co-owners. Litigation can increase costs and delay the sale, so use as a last resort.
Helpful Hints
- Communicate early and often to avoid misunderstandings.
- Document all agreements in writing, including email confirmations.
- Consider mediation or a neutral third-party discussion facilitator if you hit an impasse.
- Review the broker’s marketing plan for MLS listings, professional photography and online ads.
- Ensure both co-owners sign the final listing agreement to prevent disputes.