When a partition action calls for the sale of real property, picking a Realtor is a pivotal step. Co-owners can have an important role in selecting the Realtor, but they do not necessarily have the final authority on who will serve as the property’s Realtor. This article will explore the complexities and strategies surrounding the selection of a Realtor in a partition action.
2 Ways to Influence Realtor Selection
- Settlement Agreement: A co-owner can proactively assure that their choice for a Realtor is set in stone by specifying upfront in the settlement agreement, a contractual arrangement signed by all parties involved. Within this agreement, co-owners can strategically designate their preferred Realtor to safeguard co-owners’ interests by ensuring that the selected Realtor aligns with their objectives and expectations. Designating a preferred Realtor may mitigate the risk of discord arising later in the proceedings.
- Partition Referee: Code of Civil Procedure section 873.010(a) provides that: “The court shall appoint a referee to divide or sell the property as ordered by the court.” The court-appointed partition referee oversees the property sale to ensure adherence to legal protocols and equitable dispute resolution. Many times, the partition referee is an attorney who will, in turn, pick a Realtor. Co-owners may communicate with the partition referee and ask whether the referee may pick a particular Realtor that the co-owner prefers. A persuasive co-owner may highlight the Realtor’s expertise, track record of success, and familiarity with local market dynamics.
If a Co-Owner is a Realtor, Can the Co-owner be Appointed?
The court is not permitted to appoint a co-owner as the referee. California Code of Civil Procedure § 873.050(d). However, a referee could select a co-owner as the Realtor. Nonetheless, while a co-owner’s expertise as a Realtor may be valuable, a co-owner’s involvement in the partition process must adhere to the same standards of fairness and impartiality as any other party. The court’s role is to ensure a fair and equitable resolution for all parties involved. By appointing a co-owner as a Realtor or referee, there’s a risk that their personal interests could influence their decisions, potentially favoring themselves or certain co-owners over others. For example, a co-owner who serves as the Realtor might be tempted to undervalue the property to buy it themselves or to favor certain potential buyers who are aligned with her interests, particularly if that co-owner is interested in buying the property. Alternatively, if the co-owner is in possession, acting as the Realtor may allow them to slow down the process. If a co-owner is a Realtor, the best strategy is to ask for the appointment of a trusted colleague.
What is the Best Way to Locate a Realtor to Sell the Property?
In California, some Realtors know their local markets inside and out. Oftentimes, the Realtor may be familiar with buyers who are looking to purchase a property within a budget. Local Realtors provide the benefit of having connections in that particular area and the know-how to get your property sold quickly and smoothly. Choosing one of these local experts increases your chances of a successful sale, which is the ultimate goal in resolving property disputes. You may find a database of local Realtors using websites like Zillow and Redfin.
What is the Most Important Goal in the Selection of a Referee?
A partition action involves a co-owner giving up authority in exchange for a court-appointed partition referee. This means all co-owners equally forego control to a neutral third party who will facilitate the ultimate goal of selling the property. Generally, the property is marketed in the normal manner, i.e., through a Realtor listing the property on the Multiple Listing Service (MLS), holding an open house, and allowing a reasonable period for purchase offers to come in. Co-owners may sometimes feel uneasy about the lack of control over the Realtor, however, it is important to remember that the objective is to sell the property. The most important element of a partition is the appointment of a qualified partition referee to market and sell the property.
Talkov Law’s Partition Attorneys Can Help
The selection of a Realtor has significant implications in a partition action. A partition attorney can help you navigate partition nuances like proactively asserting Realtor preferences in a settlement agreement and communicating with a partition referee. With eight, full-time partition lawyers, Talkov Law is the #1 partition law firm in California and has handled over 600 partition actions throughout California. If you are seeking tailored advice and representation, contact Talkov Law, California’s premier partition action law firm, for a free consultation, call (844) 4-TALKOV (825568) or reach out online today.
