Hi,
I am new to this web site and forum so excuse my ignorance.I have been approched by an real estate person to sell my property to a developer and had a contract ready for me to sign but also had a contract to appoint him as my real estate agent.
I spoke to the real estate person the other day and I was told it illigal to sign the property contract and not the real estate agreement.
What are my legal obligations to this real estate person. Has anyone else experiensed this ?
Regards
RudyWell if he introduces the buyer then some people would suggest he gets paid? Perhaps he will negotiate the comission pretty heavily seeing as he has a hot buyer waiting?
If you haven’t signed the agreement then perhaps you can approach the vendor direct?
If you haven’t signed anything then you should have no obligation but I suggest you approach your solicitor with this query.
Good luck,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Thanks Simon,
I think it is as much a moral as a legal issue. As this contract is over 2 years plus I may need someone on my side. Maybe better to push for more money to cover this cost.
Rudy
Well if he introduces the buyer then some people would suggest he gets paid? Perhaps he will negotiate the comission pretty heavily seeing as he has a hot buyer waiting?If you haven’t signed the agreement then perhaps you can approach the vendor direct?
If you haven’t signed anything then you should have no obligation but I suggest you approach your solicitor with this query.
Good luck,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Rudy,
I agree with Simon – you would have no obligation to the R/E agent if you haven’t signed anything – he/she approached you.
Don’t be in a hurry to sell. If one developer is interested, then others might well be too.
A thought: instead of selling outright consider a joint venture with the right developer and taking a share of the profit from the development. This should mean that you receive more at the end of the deal.
Remember, you have the cake – the developers want a piece. Keep as much as you can for yourself!
As Simon says (!) see your solicitor first.
TerryTerence McMahon
HomeWin
FinanceWell, technically what the real estate agent has done is illegal. In this instance the agent should have this agreement signed with the buyer and be acting as a buyers agent for him/her. As, if you sign with the agent, he is contracted to act on your behalf, as a selling agent. This means he/she must act in the best interests for you (highest price etc..). I don’t think he/she is acting in the best intersts for you. (It may well turn out to be this way but currently he/she is not). What I would do, is tell the agent to sign the buyer up, so you keep total sale funds.
This happens all the time.If the developer wants it, ask for a joint venture.
[email protected]Hi All,
Thanks for the replys.
The agent is actually buying or trying to buy all the properties around me for this developer.
This to indicates to me they are working for the developer.
My solicitor done his stuff and the developers track record is good. There also a lot fly by nighters who locking up the properties for a number of years and then only buy when can make a quick buck.Regards
Rudy
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