Disclaimer: This article is for informational purposes only and does not constitute legal advice.
Detailed Answer
Understand Your Co-Ownership Structure
In Ohio, co-owners hold an undivided interest in property. Each owner must consent to decisions affecting the whole, including realtor selection.
Communicate Early and Define Shared Goals
Begin discussions before listing. Agree on key factors like desired sale price, marketing approach, and timeline. Document these goals in writing to prevent misunderstandings.
Set Broker Selection Criteria
Research agents’ experience, commissions, and marketing plans. Interview several brokers—together or separately—and compare proposals. Focus on local market knowledge and proven sales success.
Comply with Ohio Listing Agreement Requirements
Under Ohio Revised Code § 4735.06, a real estate listing agreement must be in writing and signed by the seller or an authorized agent. When multiple owners sell jointly, each co-owner must sign the agreement to bind the entire property. Ohio Rev. Code § 4735.06
Negotiate Commission and Contract Terms Together
Discuss commission rate, exclusive vs. open listing, and contract duration. Ensure all co-owners approve the final terms before signing to avoid later disputes.
Plan for Dispute Resolution
If co-owners cannot reach agreement, Ohio law permits a partition action under Ohio Rev. Code Chapter 5307. A court can order sale of the property or divide proceeds according to each owner’s share.
Helpful Hints
- Schedule regular check-ins to keep communication open.
- Use written agendas and meeting notes to record decisions.
- Keep copies of all emails and signing documents.
- If talks stall, consider a neutral mediator.
- Verify each broker’s license on the Ohio Division of Real Estate website.
- Confirm every co-owner’s signature on the listing agreement.
- Discuss who pays marketing costs and how expenses divide.