Disclaimer: This article is for educational purposes and does not constitute legal advice.
Detailed Answer
When co-owners decide to sell jointly owned real estate in New Jersey, they must agree on how to market and price the property. Selecting a real estate broker is a key step. Brokers in New Jersey must hold an active license under N.J. Rev. Stat. § 45:15-16. Co-owners should confirm each candidate’s licensure and disciplinary history using the New Jersey Department of Banking and Insurance website.
- Align on goals and priorities. Hold a meeting to discuss desired sale price, timeline, marketing channels, and commission rate.
- Verify broker credentials. Check that each broker holds a valid New Jersey license and has no unresolved complaints. Use the Department of Banking and Insurance license lookup tool.
- Interview multiple brokers. Request a marketing plan, recent comparable sales, and references. Compare services, fees, and communication style.
- Draft a joint listing agreement. Once co-owners select a broker, execute a written listing agreement. It should specify listing period, commission percentage, broker duties, and an internal process for handling disagreements.
- Consider court intervention if needed. If co-owners cannot agree on a broker, either party can file a partition action under N.J. Rev. Stat. § 2A:65-1 et seq.. A court may order sale or partition of the property.
By communicating openly, verifying credentials, and documenting decisions in a written agreement, co-owners can streamline realtor selection and set the stage for a successful sale.
Helpful Hints
- Schedule a property walkthrough with each broker to assess marketing recommendations.
- Ask brokers to provide a net sheet outlining expected proceeds after commission and fees.
- Negotiate commission rates and performance milestones in the listing agreement.
- Include a clause outlining steps to resolve disputes before resorting to litigation.
- Keep detailed records of all communications and votes regarding broker selection.