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Real Estate Sales Agency Contract - Exclusion for a selected

Real Estate Sales Agency Contract - Exclusion for a selected named potential buyerWe're close to selling our house with one broker's good services. A husband & wife team whom we know, ask us for an exclusion to buy directly from us and we said yes. But a complication arises. We learn they are opening a real estate business and she is studying for her broker's license. She is a professional property manager. They can't meet the selling price of the house from within their ordinary budget - and so the situation could arise that they obtain the money as part of their business startup cost and the house should they buy it becomes a leverage into their new real estate business and they sell the house or rent it out in their business.The broker has cash investors for this buy and escrow has begun. The sale is temporarily halted to correct a problem on the property. The 'tear down' price and 'move in' price are very close to each other and the sale is stalled to that end.Please tell us if the rule of exclusion applies to the couple or if they should go directly to the broker and present themselves as buyers. My concern is that if there is an conflict to their exclusionary status as buyers that it could backfire on us and then they would be doing us no favor at all in avoiding the broker.Please tell us how to avoid trouble here and spell out the rules of exclusion for us.Thank you.

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Irwin Law

Juris Doctor JD

9,514 satisfied customers
If a listing contact expiration date is August 30th, and a

If a listing contact expiration date is August 30th, and a sales contract comes in on August 29th with a closing of September 30th, does the listing agent need to extend the listing contract to the closing date?

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Loren

Juris Doctor

41,366 satisfied customers
My listing agent and I are having a disputed on our

My listing agent and I are having a disputed on our Residential Listing Agreement- Exclusive Authorization and Right to Sell. I procured a possible buyer (my old friend) on my own before signing the agreement but did not exclude him in the Listing Agreement. The broker knew that I was planning on a for sale by owner to my friend but I was naieve to sign an exclusive listing contract with her thinking it pertained just to other brokers. My broker demands exclusivity of the listing and a commission rate at the close. The rate will entitle her to $12,000 if I get my asking price. Listing agreement is for 12 months.She also said that if I decide to do a for sale by owner with the possible buyer/my friend found before the agreement, she will charge me $2500 to handle the paperwork or if I chose not to have her involved at all. She is basically threatening me that she wants compensation due to the exclusive listing and wants $$$ regardless if she finds the buyer on her own or not. The listing is temporarily withdrawn due to our dispute but the broker has not forgotten that she is entitled to $$ if as she says I do the for sale by owner behind her back.I'm not planning on working with a new agent/broker to look for potential buyers. I would possibly like to continue the for sale by owner process with my friend and accept paying the $2,500 payment to the broker if the sale does close.My question is, do I need to disclose this during the sale process to my broker. Since it's not guaranteed that my friends fha loan will meet the underwriting guidelines of the sale, I am afraid of paying $2,500 regardless of the sale closing or not. Do I list the $2,500 payment to the broker on escrow or do I write her office a personal check after the close? Can the broker find out about this sale other than me telling her?

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RealEstateAnswer

Juris Doctor

34,120 satisfied customers
After 3 days of signing an Exclusive Residential Listing, I

After 3 days of signing an Exclusive Residential Listing, I decided not to sell my house. I don't trust my broker but she won't terminate my agreement. She refuses to an agreement.JA: Since estate law varies from place to place, can you tell me what state this is in?Customer: CaliforniaJA: Has any paperwork been filed?Customer: No she took the listing off mls but told me that she will keep the contract. She has a heavy accent and I was under the impression it was good for 90 days But it was written for a year with a 90 day clause. I feel betrayed by her and don't trust her. She left me a voice mail stating I am obligated to stick with the signed agreement and I must pay her commission if I sell my home within a year. She is not compromisingJA: Anything else you want the lawyer to know before I connect you?Customer: Before I signed the agreement, I excitedly told her that I already had a buyer for the home which I found on my own. My tenants in this rental property were interested in being the buyer. I did mention that I could do a for sale by owner since it is a simple transaction. She pissed me and my buyer off. I don't plan on selling but I don't want to be in a contract with her for a year

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

51,304 satisfied customers
Wife and I are divorcing our house is under both our name,

wife and I are divorcing our house is under both our name, can I legally stay in our home? she did try to talk me into signing my name off...

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LawTalk

Attorney at Law

Juris Doctor

35,970 satisfied customers
My elderly mother signed a real estate contract with an

Hi, my elderly mother signed a real estate contract with an unlicensed person "broker" in Puerto Rico. She is now trying to get out of the contract and the broker told her that she cannot. If the broker is unlicensed, can she legally hold my mother to this contract?JA: Because real estate law varies from place to place, can you tell me what state this is in?Customer: Puerto RicoJA: Have you talked to a lawyer yet?Customer: Yes, but at the time the lawyer did not know that the real estate broker was unlicensedJA: What advice did they give you?Customer: Prior to knowing that the broker was not licensed, the advice was to wait out the 1 year contract because taking her to court would probably be costly However this lawyer does not specialize in real estate lawJA: Anything else you think the lawyer should know?Customer: The real estate agent did not provide a written copy of the contract, despite numerous requests. My mother requested that she list the house on MLM and the agent refused to do so (stating she could not afford the MLS fee), she stated that my mother had to pay for an appraisal, despite my mother provided one that was several years old. She also stated that she has a website and does not, and has only posted the house once on her personal Facebook page approximately 4 months ago. Upon signing she also told my mother that the contract had to be for 1 year and that she could not do less, despite my mother asking for a 6 month contract. In June my mother contacted her requesting to break the contract, numerous times via email, voicemail, and text message, and the agent has not responded or marketed the house in any way.

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Damien Bosco

Attorney

Doctoral Degree

3,750 satisfied customers
My mother is 82 year old who lives in Georgia and the real

My mother is 82 year old who lives in Georgia and the real estate agent coerce her into selling her property without getting approval for a mortgage to purchase a new home. It was brought to our attention a week ago that the contract was already signed and she is without a new home. A previous discussion with the agent explicitly stating that the property should not be sold before a guaranteed loan approval. I would like to have this contract cancelled, is the possible?

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

51,304 satisfied customers
REAL ESTATE QUESTION How does the seller have to wait buyer

REAL ESTATE QUESTIONHow long does the seller have to wait for the buyer to get loan approval. We are 45 days past the close of escrow and the buyer does not have the full down payment.

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Loren

Juris Doctor

41,366 satisfied customers
Sir/ Madam, How are you! May I ask if I can terminate sell

Hi, Sir/ Madam,How are you!May I ask if I can terminate sell listing agreement with an agent? I try to sell my house , at the beginning not too happy with the agents, but I signed the contract already, if I can terminate it? I live in California.I signed a listing agreement with agents(2 person), after I signed the contract, one of agent required me trim tree(too expensive) and other remodeling require of the house, because too expensive, I refused, so they did not put my house on the market until I finished one remodel.At the beginning of listing, look like work so hard with them, they are 2 person, one said good words, one said bad words,but finally you will meet their requirements,and do not know what will happen in the future, feel too difficult work with them, if I can terminated the listing contract? I really appreciated your great help.Thanks and best regards

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

51,304 satisfied customers
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