Disclaimer: This article provides general information under Vermont law. It does not constitute legal advice.
Understanding Co-Ownership and Realtor Selection
Joint property owners must coordinate to hire a real estate agent who represents both parties effectively. Follow these steps under Vermont law:
1. Communicate Goals and Expectations
Discuss sale objectives, preferred timeline, and price expectations. Clear communication prevents misunderstandings later.
2. Research and Interview Multiple Realtors
Compare experience, market knowledge, and marketing plans. Ask for references and recent sales data. Focus on agents licensed under Vermont statutes (see 26 V.S.A. § 2352).
3. Review Listing Agreement Terms
Under 26 V.S.A. § 2352, a listing agreement must be in writing and include the commission rate, listing type (exclusive right to sell or open listing), and term length. Both co-owners should sign the agreement.
4. Address Fiduciary Duty and Disclosure
A licensed real estate broker owes fiduciary duties of loyalty and disclosure to both sellers. Ensure the agent outlines their duties in writing.
5. Resolve Disputes or Deadlocks
If co-owners cannot agree, Vermont law allows a partition action. Under 27 V.S.A. § 1091, any joint owner may file suit to divide or sell the property. Partition actions can be time-consuming and costly, so aim to reach consensus before resorting to court.
Helpful Hints
- Document all decisions in writing to avoid future disputes.
- Consider mediation or neutral third-party facilitation if you reach an impasse.
- Review comparable sales data and market trends to set realistic expectations.
- Clarify how net sale proceeds will be divided before signing any agreement.
- Consult with a real estate attorney if you encounter complex issues or potential conflicts.
Disclaimer: This information does not create an attorney-client relationship and does not constitute legal advice.