Detailed Answer
When two or more co-owners decide to sell a jointly owned property, selecting a real estate agent (realtor) requires clear communication, mutual consent and adherence to Pennsylvania law. Below is a step-by-step guide to coordinate realtor selection effectively:
- Confirm ownership structure. Most co-owners hold as tenants in common unless another arrangement is documented. Under 68 Pa.C.S. § 2502, each co-owner has equal right to seek partition (sale) if no agreement exists. Confirming your ownership type clarifies decision-making authority. (68 Pa.C.S. § 2502).
- Agree on key criteria. Discuss desired listing price range, agent commission rate and marketing plan. In Pennsylvania, listing agreements must be in writing to comply with the Real Estate Licensing and Registration Act (63 P.S. § 455.105). (63 P.S. § 455.105).
- Interview multiple agents. Each co-owner should meet 2–3 local licensed agents. Compare their track record, marketing strategies, communication style and suggested commission. Discuss each interview together afterward to share impressions.
- Review written proposals. Ask each agent for a written Comparative Market Analysis (CMA) and a draft listing agreement. Confirm that the proposal includes:
- Listing price recommendation
- Commission structure (percentage or flat fee)
- Duration of the listing
- Marketing tactics (professional photos, online syndication, open houses)
- Negotiate and finalize. If co-owners disagree on an agent, revisit criteria and allow each agent to address concerns. Once you reach consensus, sign a single written listing agreement under 63 P.S. § 455.105. This ensures the contract binds all parties and the agent.
- Consider mediation if needed. If co-owners cannot agree after reasonable efforts, you may file a partition action in the Court of Common Pleas (68 Pa.C.S. § 2502). Mediation or neutral third-party facilitation often resolves disputes without litigation.
Helpful Hints
- Document all decisions in writing to avoid misunderstandings.
- Maintain an open line of communication; schedule regular check-ins.
- Verify the agent’s license at the Pennsylvania Licensing System (PALS) online portal.
- Ensure your attorney reviews the listing agreement before signing.
- Keep all co-owners informed of marketing progress and feedback.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. Consult a qualified attorney regarding your specific situation.