Detailed Answer
Co-owning property in Nebraska requires clear coordination when selecting a real estate agent. Before listing, co-owners must agree on key terms such as sale price, marketing strategy, and commission rates. Under Nebraska law, a valid listing arises only when all co-owners sign the listing agreement. If one co-owner signs alone, the agreement is not enforceable against the other.
Step 1: Establish Shared Goals
Meet to discuss desired sale price, timeline, and net proceeds. Document these goals in writing. Clear objectives streamline agent selection.
Step 2: Define Agent Criteria
Agree on experience level, local market knowledge, and commission range. Nebraska requires brokers to hold a license under the Nebraska Real Estate License Act Neb. Rev. Stat. §81-885.07. Confirm each candidate’s license status online.
Step 3: Research and Vet Candidates
Compile referrals and read reviews. Request each agent’s recent sales history. Compare marketing plans and proposed timelines.
Step 4: Interview and Compare Proposals
Ask for a comparative market analysis (CMA) and marketing budget. Evaluate open house strategies, online listings, and print advertising. Compare proposed commission rates—often 5–6% of the sale price.
Step 5: Negotiate and Formalize
Negotiate commission, listing duration, and cancellation terms. Ensure all co-owners sign the final listing agreement. A joint signature prevents disputes over authority.
Step 6: Resolve Disagreements
If co-owners cannot reach an agreement, consider mediation or alternative dispute resolution. As a last resort, Nebraska law permits a partition action to force sale or division of property. See Neb. Rev. Stat. §25-21,188.
Disclaimer: This article is for educational purposes only and does not constitute legal advice. Consult an attorney for advice on your specific situation.
Helpful Hints
- Document all agreements in writing to avoid misunderstandings.
- Set a clear timeline for each decision-making step.
- Use objective criteria—like recent sales data—when evaluating agents.
- Maintain open communication throughout the process.
- Consider a neutral third party to facilitate discussions if needed.
- Review the listing agreement carefully before signing.
- Stay informed about local market trends and pricing.