Detailed Answer
Disclaimer: This article provides general information and is not legal advice. Consult a licensed attorney for guidance on your specific situation.
When two or more people co-own property in Massachusetts, they must coordinate closely to select a real estate agent. Massachusetts recognizes several forms of co-ownership, including tenants in common and joint tenants, under Massachusetts General Laws Chapter 183 (MGL c.183). Here are the key steps:
1. Review Your Ownership Agreement
First, examine any written co-ownership agreement or deed. Some deeds specify how decisions must be made—unanimously or by majority vote. If no agreement exists, Massachusetts law generally treats co-owners as tenants in common, each holding an undivided interest and equal right to possession.
2. Agree on Common Goals
Discuss desired sale price range, timing and net proceeds distribution. Clear goals reduce conflict and support unified realtor selection.
3. Research and Interview Real Estate Agents
Co-owners should jointly compile a short list of agents. Consider each candidate’s experience with joint sales and local market expertise. Interview each agent together, asking about marketing strategies, commission structure, communication style and transaction timeline.
4. Negotiate the Listing Agreement
Once you select an agent, the co-owners must sign the listing agreement. Under MGL c.183, each co-owner has the authority to bind the property only if they sign. Ensure the contract clearly states the listing price, commission percentage and agreement term.
5. Resolve Deadlocks or Disputes
If co-owners cannot agree on an agent, consider mediation or a neutral third party. As a last resort, Massachusetts law allows a partition action under MGL c.241 (MGL c.241), where a court can order sale and divide proceeds. This process can be costly and time-consuming, so it’s best to reach an agreement outside court.
6. Maintain Open Communication
Keep all co-owners informed at every stage—agent selection, property showings, offer reviews and negotiations. Share feedback promptly to avoid misunderstandings.
Helpful Hints
- Document all agreements in writing to avoid miscommunication.
- Set a clear timeline for decision-making to keep the sale on track.
- Consider hiring a real estate attorney to review the listing agreement.
- Use a neutral meeting facilitator if discussions become contentious.
- Gather multiple agent proposals to compare service offerings and fees.