Detailed Answer
When two or more owners decide to sell jointly held real estate in Kentucky, clear coordination ensures a smooth sale. First, confirm your co-ownership type—joint tenancy or tenancy in common—as it affects decision-making and proceeds distribution. Under KRS 381.010, any co-owner can file a partition action if owners cannot agree on sale terms.
Next, agree on key sale objectives: target price, marketing timeline and acceptable offers. Hold a meeting to discuss each owner’s priorities. Document these preferences in writing.
Research and interview licensed Kentucky real estate brokers. Verify their credentials under KRS 324.050, which requires brokers to hold an active license. Compare track records, local market knowledge and proposed marketing plans.
During interviews, disclose the joint-ownership structure. Ask each broker how they handle multiple decision-makers and outline their communication strategy. Request sample listing agreements and commission proposals.
After interviews, convene with your co-owner to score each candidate on criteria such as experience, fees, marketing reach and communication style. If opinions vary, consider a weighted scoring matrix: assign points to each factor and total for a transparent comparison.
Once you select a broker, draft a joint listing agreement. Ensure both owners sign the document and clearly state listing price, commission rate and duration of the listing period. If disagreements persist—and you cannot negotiate with the broker—you may explore partition under KRS 381.010, which allows court-ordered sale or division.
By following these steps—clarifying objectives, vetting licensed brokers, and documenting agreements—you reduce conflicts and set the stage for a successful, joint property sale in Kentucky.
Helpful Hints
- Meet early: Align on goals before contacting brokers.
- Check references: Speak to past clients of each realtor.
- Use a scorecard: Evaluate each broker objectively.
- Set clear communication: Decide on regular update intervals.
- Document everything: Keep emails and signed agreements.
- Know your fallback: Understand partition under KRS 381.010.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. For advice specific to your situation, consult a qualified attorney.