QUESTION
How long are we legally responsible to owe the realtors commission?
Asked on Sep 01st, 2012 on Landlord and Tenant Law - Missouri
More details to this question:
We had our home on the market. It has not sold for three years so we made it available for renters to come in. Our realtor helped us with a rental contract and we were under the impression we were only legally bound for a year if the renters wanted to purchase that we owe the Realtors a commission. We ended our contract and the renters do want to purchase the home in about a year's time.
11 ANSWERS
Lisa Hurtado McDonnell
Look to see what your listing agreement said. Generally realtors will write in a provision in the listing agreement or rental contract for commission if they help negotiated lease and then tenants decided to purchase the property within a specified period.
Answered on Sep 07th, 2012 at 10:42 AM
Dennis P. Mikko
The terms and conditions of your contract with the Realtor will dictate when and under what conditions a commissionn is earned. You should have an attorney review the contract. Only after a review of the contract can your question be answered.
Answered on Sep 07th, 2012 at 10:42 AM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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It will depend on you agreement with the the Realtor.
Answered on Sep 07th, 2012 at 10:41 AM
A real estate agent/broker may only collect a commission if the agreement to pay is in writing and the transaction entitling the agent/broker occurs during the time period specified in the listing agreement. Review the listing agreement for the specific time periods. There may be a separate time period for a tenant who subsequently purchases the home.
Answered on Sep 07th, 2012 at 10:41 AM
Mistake. Once you rented you should have asked the realtor to take it off the market hence ending the Realtor-Seller listing agreement. You should have consulted an attorney prior.
Answered on Sep 07th, 2012 at 10:41 AM
Newton Munro Merrick
The quick answer is: read your contract. In order for a real estate agent to claim a commission, there must be a writing. Listing agreements usually include a "safety net", which provides that if anyone they showed the property to buys within 6 months or a year or some other time period, they are entitled. And they must submit, shortly after the listing period ends. a list of those who were shown the property.
Answered on Sep 07th, 2012 at 10:40 AM
You should consult a real estate attorney to review all of the documents and relevant facts to see if you will owe the realtor a commission.
Answered on Sep 07th, 2012 at 10:40 AM
You have to look to the terms of your agreement with the Realtor. If the renters he or she helped find now want to purchase the home, I would strongly suspect the Realtor is entitled to a commission, no matter how much time passes, however.
Answered on Sep 07th, 2012 at 10:40 AM
Leonard A. Kaanta
Check your contract with the realtor.
Answered on Sep 07th, 2012 at 10:40 AM
Real Estate Attorney serving Williamstown, NJ
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Law Offices of Slotnick & Schwartz
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Read the contract you signed. That will tell you what your obligations are.
Answered on Sep 07th, 2012 at 10:22 AM
Litigation Attorney serving St. Louis, MO
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Probate Law Center Richard J. Keyes, PC
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The listing agreement with the real estate company should determine the answer to this. If you do not understand the listing agreement, contact an attorney.
Answered on Sep 07th, 2012 at 10:18 AM