MS HB716

Amends Mississippi Code Sections 11-21-11 and 11-21-27 to require courts to appoint a licensed real estate broker to conduct open-market sales of property that cannot be equally divided among cotenants, unless sealed bids or auction would be more economically advantageous.

Requires parties to agree on a broker within 10 days of court order; if parties cannot agree, the court shall appoint a disinterested licensed real estate broker and establish a reasonable commission.

Mandates brokers offer property in a commercially reasonable manner at a price no lower than the court-determined value and on terms and conditions set by the court.

If broker fails to obtain an offer at the determined value within a reasonable time, the court may approve the highest offer, redetermine property value and continue marketing, or order sale by sealed bids or auction.

Effective July 1, 2016.