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Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 55605
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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I have a sales contract that calls % commission, OK. The

Customer Question

I have a sales contract that calls for 6% commission, OK. The home sold. Earnest money was deposited, $40,000.00. Buyer could not close because they did not have funds.
The RE agent says they get 50% of earnest money. I think they should just get 6%.
Who's right?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Richard replied 1 year ago.

Hi! My name is ***** ***** I look forward to helping you. It will take me just a few minutes to type a response to your question. Thanks for your patience!

Expert:  Richard replied 1 year ago.

Can you clarify something for me? When you say "the home sold," I'm presuming that you mean that you had a contract to sell it, but then the buyer did not actually close the sale....is that correct? Thank you!

Expert:  Richard replied 1 year ago.

I just wanted to let you know that I will be away at a meeting for the next hour or so. Should you follow up while I’m away, I will address it immediately upon my return. Thank you in advance for your patience. I apologize for any inconvenience.

Customer: replied 1 year ago.
Had a contract closing date was yesterday they shoed up at closing and said the did not have the money
Expert:  Richard replied 1 year ago.

Thanks for following up and your patience! Your real estate agent is in dream land. Agents are entitled to a commission under 2 circumstances depending upon the listing contract....either when the transaction closes or in the instance where the agent finds a willing and able buyer and the seller fails to close. Neither of these instances exist in your situation and as a result the agent is not entitled to anything. Here, the buyer is in default and the seller (NOT the agent) is entitled to the earnest money.

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