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RealEstateAnswer, Lawyer
Category: Real Estate Law
Satisfied Customers: 28021
Experience:  10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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How does loss of commision work? A buyer offered full

Customer Question

How does loss of commision work? A buyer offered full listing price for our home but we did not accept nor sign any documents. My agent says they can potentially come after us for loss of commision. True?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  RealEstateAnswer replied 1 year ago.

Good morning. Can you share with me why you did not want to accept?

Expert:  RealEstateAnswer replied 1 year ago.

Also, what does your listing agreement with them say?

Customer: replied 1 year ago.
Says something about a willing and able buyer.
Customer: replied 1 year ago.
We have small children and it will be too hard on them to move.
Expert:  RealEstateAnswer replied 1 year ago.

Thank you. You are under no obligation to accept a full price offer, as you may not like the terms and conditions associated with it. Yes, the realtor needs to bring forth a ready willing and able buyer but their commission should only be paid and earned upon closing, since things can always change. You can simply advise that while they offered full price, you did not like term X,Y or Z and as a result, do not want to accept the offer. You should not be forced to sell and even though a full price offer was made, it may be hard for them to sue and prevail and simply get their commission, since there is no way of knowing if the buyer would be able to close, at the end of the day.

Please let me know if you have any follow up questions or need any clarification on something which I stated above. Also, remember to rate my service at the top of this page, before exiting the site, so I can receive credit for my help. I hope you found it to be Excellent! Only rate my answer when you are 100% satisfied. If you feel the need to click either of the two lower ratings to the left, please stop and reply to me. I want to make sure your experience with the site was as pleasurable as possible and that you are satisfied with the help I provided.

Expert:  RealEstateAnswer replied 1 year ago.

I just wanted to follow up and see if you had any other questions or needed me to clarify something. I am here to help, so please let me know. Thanks!