How to Sell Your Home with Separate Agents during a Divorce

A divorce is one of the most stressful life events anyone can experience. While it can be emotionally overwhelming, your finances can also take a hit because there will be discussions of the division of assets, which is always part of the process. With this in mind, the house is the most common asset that can be divided between a divorcing couple.

A married couple's house is usually seen as a shared asset, meaning both parties are entitled to its value in the divorce. Depending on the circumstances, the house may be sold and the proceeds divided, or one spouse may buy out the other spouse's share of the house. However, some couples do not want the burden, so they sell it during their divorce instead. The problem with this, however, is the matter of selling with different agents because the couple will be separating, and each party will want to get the best deal for themselves. This can lead to many headaches and disagreements, which many people want to avoid experiencing. To help you with this, we will discuss the details in this article.

Can a Divorcing Couple Sell Their Home with Different Agents?

Yes, two real estate agents from different brokerages can work together to help a seller sell their property. This is called a co-listing agreement or co-brokerage agreement. In this arrangement, each agent works to protect the seller's interests while both work to facilitate the sale. Both agents will have their own designated real estate agents with different brokerage backers, which can be very effective in helping the seller navigate the sale of their property. Co-listing agents can assist in various ways, such as arranging all the legal paperwork, handling taxes, and all sale proceeds are held securely in trust.

When choosing an agent to work with, you must ensure they are familiar with co-listing a property. Ask questions about how they will go about listing and marketing the home and manage the review of offers and the closing date. Find an agent with experience with co-listing matrimonial homes and ensure they understand the situation's specific needs. Whatever the case, the agreement should clearly state what services will be provided, the total amount of money being paid as commission, and how that money will be split between the two brokerages.

Agents must ensure that all details about a property’s sale or purchase are written down and agreed upon by both parties. This should include how the brokerages will divide their responsibilities, such as which one will arrange showings, handle advertisements, or review offers. This ensures that everyone knows the services they will provide during the transaction.

The Alternative Choice

If you cannot work with different realtors, the alternative is getting two real estate agents from the same brokerage. This might give the impression of a regular sale to possible buyers. The agents will be able to communicate with each other easily and make the process smoother for you. However, each agent should talk directly to the spouse they are representing and include the lawyer of that partner. If the divorce is contentious, the brokerage may not be able to serve both spouses due to a conflict of interest.

You must follow the same basic steps regardless of the method you choose when selling your home. Communicate openly with all parties involved, such as your lawyer and anyone involved in the sale, to ensure everyone is clear on the process. Make sure you understand what services will be provided and by whom.

Additionally, you must ensure that your matrimonial lawyer is aware of the sale and kept informed throughout the process. As an extra measure, you can consult with a real estate lawyer to ensure that all legal documents and paperwork are correctly prepared and that the sale does not run into any legal issues.

When Is Selling Your Home a Good Idea?

Selling your home during a divorce is usually a last resort. If you and your spouse can agree to the sale of the property, it may be the best solution for both of you. However, you must consider all the factors involved in the sale and ensure that you are both comfortable with the process. If the house sale is not the best option, it may be better to consider other options, such as buying out your spouse's share or splitting the equity.

Conclusion

Selling your house during a divorce will be complicated, but it can be done. Since it is a big financial decision, you must consider all the factors involved and ensure that you are both comfortable with the process. This way, you can end the marriage positively and start fresh.

If you are looking for real estate agents in Toronto, Sold With Presta can help you! Our professional realtors will ensure your home is sold for fair market value to get the best compensation for your investment. Call us today at 416-817-5158 and allow us to help you