The standard language this program includes for the sale of real property is as follows:
This property shall be sold as soon as reasonably practicable. Both parties shall continue to be responsible for payments, taxes and insurance until the property is sold. The proceeds of the sale shall be applied as follows:
1. First, to pay expenses of sale.
2. Second, to retire any and all mortgages and liens. If after paying all of the available proceeds from the sale towards the mortgages and liens there remains money owing on any mortgage or lien for this property, the parties shall each be responsible for one half of those payments.
3. Third, to pay all marital debts and obligations.
4. Last, any balance remaining shall be divided equally between the parties.
Note: This language does not address many of the considerations that may be involved in your particular situation, such as who will sell the property, by what date, what will happen if the property doesn't sell, etc.
There are many considerations when a couple decides to sell real property at the time of their divorce.
To be sure that you are including language that will cover all of your present and future concerns, you should discuss the disposition of this property with an attorney.
If you are selling the property, here are some of the things you may want to consider. This list does not contain everything you should consider. There are other considerations that you may learn about if you consult with an attorney.
What is the value of the property at the time of the divorce?
What is the dollar amount of equity in the property at the time of the divorce?
Who will be responsible for listing the property?
Do both of you need to agree on a listing agent?
By what date should the property be listed?
What should the initial listing price be?
What happens if the person who is supposed to list the property does not list it timely and for the agreed upon price?
How long should the home be on the market before the price is lowered and how often and how much should the price be lowered to optimize the chance of a sale?
Who has the right to accept or reject purchase offers?
Who has the right to negotiate any special requests a purchaser might raise, such as reducing the price, making repairs, purchasing appliances, etc.?
What should happen with the proceeds from the sale?
What happens if the property does not sell?
Who is responsible for upkeep, taxes, mortgage payments, and all other expenses related to the property before it sells?
Who will have use and possession of the property pending the sale?
If there are any special costs or expenses related to the sale of the property, such as capital gains taxes if the property being sold is business or investment property, who will pay these special costs and expenses?