Buying a business/property – was originally listed through a Broker – we knew the owners before the listing and currently have an account with them. Spoke to the owners about the sale then contacted the broker to find out more. Basically we have been dealing with the owner as there is a business in the property they are selling.
The contract they had with the broker expired over 3 months ago.
We have not signed anything but recently had discussions with the owner about a proposed offer – of which he was very interested. Both the owner and ourselves want to proceed with a private sale.
I am wanting to find somewhere, where I can read up on the legalities of the broker suing us or the owner for the commission. The broker still rings us to see what we are up to. The commission is over $30k.
Shortly we will be seeking paid legal advice but I wanted to ask if anyone here knows of any good sites I can visit to read up on legalities (for the layman) – one that won't get me too bamboozled.
Have you anything to prove that you made contact with the owners independant of the broker? In what context did you discuss with the broker? Was he aware of your previous conversation with the vendor?
mickYou will need to have a good read of the contract the vendor has entered into with the broker and your contract with the broker. There is probably a clause in there which states that any person introduced by the broker, no matter when or how long ago, will mean commission is payable.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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