Backed out of selling home with buyer-$$ owed? - Posted by James

Posted by brandoncbsre on May 15, 2008 at 18:33:56:

More than likely they do…The Realtor was hired to bring them an executed purchase agreement from a ready and willing buyer that they consider acceptable. He did that and therefore should be paid. However I am an agent and have never heard of anyone charging a full commission in a case like this. If the agent isnt pressing for a commission than your parents should at the least reimburse him for his expenses involved in advertising and maybe compensate him for his time. Furthermore if they were happy with the job he did they should offer to refer him business. He did SELL their house…RIGHT? Bottom line is that most agents would be negotiable in this spot.

Brandon

Backed out of selling home with buyer-$$ owed? - Posted by James

Posted by James on May 15, 2008 at 12:48:05:

My parents had their home up for sale and AFTER a buyer came and they agreed on a selling price, my parents decided that they did not want to sell the home after all.
Their Lawyer said that since they backed out of the deal within 5 business days the contract is void.
However, what about the contract that my parents have with the Realtor who listed their Home. Do they owe him any money???
Jimbo

Read the contract - Posted by Sharyn SJR

Posted by Sharyn SJR on May 16, 2008 at 06:55:59:

In NJ, after the three day attorney review the seller would be liable for paying the commission. As mentioned, laws vary from state to state but the situation will be noted in the contract.

State law differs - Posted by John Merchant

Posted by John Merchant on May 15, 2008 at 20:46:10:

Answer will depend on their state law and court decisions on the statutes.

e.g. the 5 day back-out period certainly isn’t uniform across the USA and many states might have zero backout time, while others might have as long as 10 days.

I’d bet there are court decisions in their state re REA’s commissions and what’s due that REA if anything.

In my State of WA the REA would be entitled to a commission for bringing that P&S Agreement, and I’ve known of REAs collecting judgments for same.