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Recently divorced. Jointly owned house no mortgage. It is…

Recently divorced. Jointly owned house...
Recently divorced. Jointly owned house no mortgage. It is currently listed with a real estate broker in Virginia. If husband wishes to buy out wife with a quit claim deed. not pay real estate commission... do we need to cancel listing? Or are we still responsible for commission even tho sale not to third party?
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Answered in 5 minutes by:
5/15/2018
RealEstateAnswer
Category: Real Estate Law
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Experience: 10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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In a situation like this, if the ex-spouse is going to buy them out, they can cancel the listing and handle it on their own. This is not a sale of the entire home and only a buy out of the other spouses share/interest, so it is not as though they would be entitled to a commission. Moreover, they did not present a buyer who is ready, willing and able to close so if one party is going to buy out the other, they can advise the realtor of the same and that they will not be selling.

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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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