Sellers concession are in addition to the agreed upon Selling price so a deal of $300,000 with a 6% Sellers Concession of $18,000 would mean that he will get paid bases on his commission structure on the $300,000. Allan... more
Steve the clients and their files remain property of the Broker that agnt worls for. Taking such files or attempting to steal or influence such clients, will result in swift action by the NH real estate commission. The agent should have signed a independant worker agreement along with a company policy that outlines what office policy is along with state laws regarding such. In the lapse of an agreement state of NH real estate law takes the primary role in what is and is not allowed.
Although the clients do stay with the brokerage, any contract would state what the agent would receive, what percenatges stay with the broker and what gets paid to that agent. As well it should outline who is responsible for what, it may allow the agent to finish teh transaction or may state the agent is removed from teh transaction and finished by that broker or a desiganted agent appointed by that broker and the original agent will receive x amount when it closes.
That agent faces action for brealing rela etsate laws of NH as well as a probable civil suit fromn the broker if any deal falls through or is lost. This is a question regarding State of Nh laws, so that agent should best hire an attorney promtly for advice and not rely on opinions of anyone that is not a lawyer on questions of law.... more
Hello there- If you want to review more of the details here, I'd be happy to discuss.
I do know many other people that are very savvy to this. Are you in the NH Real Estate Investor's Association? I am, and there are some great resources there, etc.
Thanks, and good luck,