Co-owners face unique challenges when selling property together. This FAQ explains how to align your choices under New Mexico law.
Detailed Answer
In New Mexico, co-owners typically hold property as tenants in common. This structure gives each owner an undivided interest in the property. To select a realtor together, follow these steps:
- Review your co-ownership agreement. If you signed an agreement, check for clauses on real estate agents, listing terms, or decision procedures. If you didn’t, default rules apply. See NMSA 1978, Section 42-5-1 on partition actions for co-owners: 42-5-1 NMSA 1978.
- Align on sale goals. Agree on price range, marketing timeline, and desired sale terms. Clear objectives help you and your co-owner evaluate realtors against the same criteria.
- Interview multiple realtors. Each co-owner should participate in interviews. Ask about local market expertise, marketing plan, and commission rates. Verify that each agent holds an active license with the New Mexico Real Estate Division: Real Estate Division.
- Compare proposals. Review listing agreements side by side. Focus on pricing strategy, commission structure, and contract length. Use a scoring chart to rank each proposal.
- Negotiate and finalize. Discuss any concerns openly. If you’re still at an impasse, consider mediation or arbitration clauses in your co-ownership agreement.
- Address disagreements. If you cannot reach consensus, one co-owner may file for partition in district court under NMSA 1978, Section 42-5-1: Partition of Property. A judge can order sale and distribution of proceeds.
Helpful Hints
- Set a regular meeting schedule to discuss offers and marketing updates.
- Create a shared folder for proposals, listing agreements, and agent credentials.
- Agree on a decision-making process, such as majority vote or mediator involvement.
- Keep all communication in writing to avoid misunderstandings.
- Consider a written agreement on how to split marketing costs or commission fees.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. Consult a licensed attorney in New Mexico for advice on your specific situation.