Broker commission
I signed an exclusive right of sale with a broker in May for 6 mos. Not one offer. A buyer approached me & we made a lease/purchase agreement; he leases the house for 1 yr & then buys it. He gave me a deposit. I don't think that the broker is entitled to a full commission since they did nothing on the deal which I made. I offere to pay them $10000; they want more. The''fine print'' in their contract says that-after the initial period-there is another 180 days during which they are entitled to their commission regerdless of how the sale came about. Do I have any recourse? They never explained the'' fine print'' to me.
Re: Broker commission
One issue that I have with your scenario is, when and if, did your lessee enter into a contract with you to purchase the property? If you merely gave him an option to purchase the property with the 1 yr lease, I would argue that a contract to purchase the home has not been entered into yet, and therefore the real estate brokerage is not entitled to a commission.
Feel free to contact me anytime to discuss further. This answer is not meant to, and does not, create an attorney-client relationship between the poster and Karlson, Kasper & Parasco LLC. All information contained in this answer is for general knowledge only. If you are in need of specific legal help you should contact an attorney.
Re: Broker commission
One issue that I have with your scenario is, when and if, did your lessee enter into a contract with you to purchase the property? If you merely gave him an option to purchase the property with the 1 yr lease, I would argue that a contract to purchase the home has not been entered into yet, and therefore the real estate brokerage is not entitled to a commission.
Feel free to contact me anytime to discuss further. This answer is not meant to, and does not, create an attorney-client relationship between the poster and Karlson, Kasper & Parasco LLC. All information contained in this answer is for general knowledge only. If you are in need of specific legal help you should contact an attorney.
