Disclaimer: This article is for informational purposes only and does not constitute legal advice. Consult a licensed attorney for guidance on your specific situation.
Detailed Answer
1. Understand Your Co-Ownership Rights
Before you choose a realtor, confirm the form of your co-ownership. In North Dakota, co-owners typically hold title as joint tenants or tenants in common. Each owner has an equal right to market the property, unless your deed or a co-ownership agreement states otherwise. If no agreement exists, state law grants each owner an undivided interest and equal decision-making power.
2. Review Any Existing Agreements
Check your deed, operating agreement or any prior listing agreements. North Dakota requires realtors to use written listing contracts that specify the broker’s duties and compensation. See NDCC § 43-23-05 for listing agreement rules. Make sure both co-owners sign any new contract.
3. Communicate Openly and Early
Set a meeting with your co-owner to discuss goals, price range and timing. Agree on key criteria for selecting a realtor—experience with joint sales, marketing strategies and commission rates. Document these criteria in writing to prevent misunderstandings.
4. Research and Interview Realtors Together
Compile a shortlist of agents licensed under the North Dakota Real Estate Commission statutes. Verify each license at the commission’s website. Schedule joint interviews. Ask about:
- Experience selling properties with multiple owners.
- Comparable sales and local market knowledge.
- Marketing plans, including photography, online listings and open houses.
- Proposed commission structure and any additional fees.
5. Compare Proposals and Negotiate Terms
After interviews, compare each realtor’s proposal against your documented criteria. Discuss pros and cons with your co-owner. If you disagree, consider bringing in a neutral facilitator to help reach consensus.
6. Finalize and Sign a Joint Listing Agreement
Once you agree, have both co-owners sign the chosen agent’s written listing contract. Filing a single agreement avoids confusion over differing terms. Confirm the listing expiration date and any conditions for early termination.
7. Plan for Dispute Resolution
If disagreements arise during the sale process, you can pursue mediation under North Dakota’s court-annexed program. See NDCC § 32-26-02. As a last resort, a co-owner may file a partition action in district court to force a sale or court-ordered division. See NDCC § 32-27-01.
Helpful Hints
- Clarify your ownership type (joint tenants vs. tenants in common) before marketing.
- Keep all communications and decisions in writing to avoid future disputes.
- Meet co-owners and realtors together to ensure transparency.
- Use objective measures like recent similar sales and marketing reach when comparing agents.
- Consider early mediation to resolve differences and preserve your relationship.