Detailed Answer
Co-owning property in Oklahoma creates joint decision-making responsibilities. When you decide to sell, selecting a realtor together helps protect each party’s interests and maximizes the sale price.
1. Establish Clear Communication
Start with an open discussion. Outline each owner’s goals, timeline, and priorities. Agree on key factors such as price range, marketing budget, and desired closing date.
2. Research and Interview Realtors
Compile a list of qualified realtors. Review their track records, client reviews, and local market expertise. Interview at least three agents together to compare strategies. Ask about past sales, marketing plans, and commission structures.
3. Understand Written Listing Agreements
Oklahoma law requires written listing agreements. Under 59 O.S. § 858-311(A), every listing must name the broker, identify the property, state the listing price, set the commission, and declare the agreement’s duration. Ensure all owners sign the document.
4. Align on Commission and Marketing Strategy
Discuss commission rates and negotiate a fee that reflects the realtor’s services. Confirm your marketing plan—including photography, online listings, open houses, and print materials—meets your co-owners’ expectations.
5. Execute a Co-Owner Agreement
Draft a simple, written agreement outlining each owner’s responsibilities, decision-making processes, and dispute-resolution methods. Include steps for amending the listing and handling offers.
6. Consider Court-Assisted Partition If Needed
If disagreements persist, Oklahoma permits a partition action. Under 12 O.S. §§ 1147–1148, either owner can petition the district court to order a sale and divide proceeds. Partition should be a last resort due to court costs and timeline.
Disclaimer: This article is for educational purposes only and does not constitute legal advice.
Helpful Hints
- Document all discussions and decisions in writing.
- Choose realtors with strong local networks.
- Verify each realtor’s licensure status via the Oklahoma Real Estate Commission.
- Compare multiple marketing proposals side by side.
- Establish a quick, agreed-upon process for accepting or rejecting offers.
- Keep emotions in check; rely on data and professional guidance.