Q: We have our house for sale through a Realtor. The Realtor has been contacted by another agent that has a client interested in purchasing through land contract. Does the commission stay the same as if we sold conventional and received all of our money at closing?
?Debbie, Spring Lake, MI
A: This is not really a sale. It is more like a lease with an option to buy. The contract to list your home should stipulate for the sale of the home, but I would double-check the terms of your listing agreement.
The commission should be less in a land contract. I would be careful because you signed a contract to sell the home, not for a lease option. I would make sure you get a full release from your agent of whatever you may owe them from a non-completed sale. The agent could later claim that you undermined the listing contract by doing a lease option, then selling it later to avoid paying a commission. Review this with a lawyer.
Adam Aguilar is a Realtor? with Reliantra in West Toluca Lake, CA.
A: The commision is based on the listing contract you have with your Realtor. They will have advertised the commision through the MLS, so they are obligated to pay the Realtor on the other side based on that rate. To change it, both Realtors and their Brokerages would have to agree to the change.
Dale Weir is a Realtor? with Coldwell Banker Gundaker in Chesterfield, MO.
Are you interested in having a qualified REALTOR answer your questions? Click through to Ask a REALTOR? now.
Are you a REALTOR who would like to answer consumer questions? Click through to become an Ask a REALTOR? participant.
android ice cream sandwich shia labeouf teleprompter ashley greene mukesh ambani mukesh ambani bob harper
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.