Disclaimer: This information is for educational purposes and does not constitute legal advice. Consult a qualified attorney for advice specific to your situation.
Detailed Answer
When co-owners decide to sell a jointly held property in Utah, choosing a realtor together ensures consistency in strategy, marketing and commission expectations. Follow these steps:
- Align on Objectives: Start with a meeting to discuss your goals, timeline and target sale price. Agreement on basic terms helps streamline all subsequent decisions.
- Understand Utah Agency Law: Utah requires real estate agents to disclose their agency relationship in writing under Utah Code §61-2-10 (Agency Disclosure). You can appoint one agent to represent both owners (dual agency) only if both sign a written consent disclosure.
- Research and Interview Candidates: Ask for referrals, review online profiles and check licensing status on the Utah Division of Real Estate website. Interview at least three realtors. Focus questions on: marketing plan, neighborhood expertise, commission structure and communication style.
- Compare Commission and Services: Typical commission rates in Utah range from 4% to 6% of sale price. Negotiate based on the agent’s track record, marketing budget and length of listing agreement.
- Formalize Your Agreement: Once you agree on an agent, sign a written listing agreement that clearly states the fee structure, listing term and termination conditions. Utah Code §61-2f-201 (Standard Form of Listings) provides recommended elements.
- Resolve Disputes Promptly: If co-owners cannot agree, consider mediation or, as a last resort, a partition action under Utah Code §78B-6-704 (Partition Suit) to force sale through court.
Helpful Hints
- Document every decision in writing to avoid misunderstandings.
- Set a firm deadline for selecting the realtor to keep the process on track.
- Review comparable sales reports (CMAs) together to align on price expectations.
- Discuss marketing budgets—professional photos, staging and online ads—to ensure fair cost sharing.
- Keep communication open: schedule weekly check-ins with your agent and co-owner.
- If you hit an impasse, bring in a neutral third party or mediator early to prevent delays.