How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Barrister Your Own Question
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 33713
Experience:  15 years real estate, Realtor. Landlord 26 years
19958803
Type Your Real Estate Law Question Here...
Barrister is online now
A new question is answered every 9 seconds

I have a tenant that has leased for 2 years, I use a major

Customer Question

I have a tenant that has leased for 2 years, I use a major realtor company to manage the lease. The lease is up and the tenant has asked to buy. The realtor pointed out that even if the lease ends, if I sell to the tenant within 180 days I owe them 7% plus a $345 fee.
I understand 7% when selling an empty home, the realtors may have to split the fee, they may have to spend many hours showing the home, they have to manage the listing, etc. But I do not see why I should pay 7% when a buyer is already in the home.
I do not mind paying some fee, paperwork alone is too much for the layman - but do I really have to pay 7%?
Submitted: 2 months ago.
Category: Real Estate Law
Expert:  Barrister replied 2 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

.

If your management contract states that you have to pay the 7%, then you are just stuck there and if you refused, they could sue you for breach and would win.

.

And I agree that 7% for basically doing nothing is a bad deal for you.. So I might suggest working something out where you either increase the price to include the realtor commission or you negotiate the commission down with the realtor or otherwise refuse to sell and see if the tenant will wait 6 months to buy.

.

If the realtor won't negotiate the commission down, then they get nothing if you don't sell..

.

.

thanks

Barrister

Related Real Estate Law Questions