MS HB550

Amends Mississippi Code sections 11-21-11 and 11-21-27 to require courts order sales of property that cannot be equally divided among cotenants through open-market sales conducted by licensed real estate brokers rather than court-appointed masters.

Allows cotenants ten (10) days to agree on a licensed broker; if parties cannot agree, the court appoints a disinterested licensed broker to conduct the sale.

Requires brokers to offer property for sale in a commercially reasonable manner at a price no lower than the court-determined value and on terms established by the court.

Permits courts to order alternative sale methods (sealed bids or auction) if a broker cannot obtain an offer meeting the determined value within a reasonable time, or to redetermine value and extend the listing period.

Takes effect July 1, 2018.