A real estate agent can play a pivotal role in limiting the stress of selling a property during a divorce.
Choosing the right agent is crucial as they should be a trusted intermediary for both partners and be able to limit any disagreements.
That’s not always easy. The stakes are high. The family home is usually your largest financial asset and will likely provide the bedrock of financial support for you to rebuild your life once the divorce is finalised.
As your agents, we have helped couples with this type of distressed sale before, possess expert industry knowledge and have a lot of empathy for your situation.
We know that arguments can erupt over issues such as renovation costs to prepare the property for sale, the asking price, how to handle buyer offers, and even whether the home should be sold at all.
But we’re trained to recognise the early signs of brewing disputes and will do our best to prevent conflict so both partners can avoid unnecessary stress.
Here is a summary of key things you need to know when selecting an agent to sell your property during a divorce.
- All agents need to secure a copy of the Certificate of Title and have both partners sign their agreement to sell. This is mandatory. The only exception is where a court has ordered a “non-agreed” sale.
- Ensure your agent has an approach to dispute resolution, especially when it comes to valuing the property and considering offers that come in. As your agent we will be able to show you the prices achieved for similar properties that sold recently.
- If renovations are required to prepare the property for sale, ask your agent to prioritise the tasks based on how they would add value to the property. The agent should also be able to recommend tradespeople and suppliers.
- Your agent will set expectations on price and the length of time your property might be on the market. They should work with both partners to gain agreement on these basic parameters.
- You can use the property appraisal as part of your own assets and liabilities statement that must be submitted as part of the divorce process.
- Be aware that property value appraisals can be altered up to one year after a divorce, or two years after a split by a de facto couple.
- Once a sale is made, an agent will typically take their commission and discharge any mortgage against the property before passing on the remaining proceeds. It is not up to the agent to disperse this money, so you and your partner must agree on an appropriate process. We believe the involvement of a solicitor to be relevant in this situation.
As experienced agents, we will do everything in our power to help ensure the transaction goes as smoothly as possible for you and your partner. We understand the sale of your home will mark the sad end to a chapter in your life, maybe many chapters. But it will also mark the beginning of a new one.
