Home Buying in 11803>Question Details

Marolir, Home Buyer in 11803

I am considering buying the house I leased 3 years ago. The lease agreement is not in force anymore, but It does have an additional note stating that

Asked by Marolir, 11803 Sun Sep 27, 2009

if I want to buy it there is a commission of 5% to the Realtor. Is the owner of the house still bound to the commission? After 3 years?

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Answers

7
If the contract has no time limit, the agreement is valid. However payment comes from the seller unless otherwise stated.
Web Reference: http://PaulMVPteam.com
1 vote Thank Flag Link Sun Sep 27, 2009
It really depends on any paperwork you and/or the owner signed with the Realtor. You may want to look over the forms and see if there is an extended period of time stated for the sale, after the end of the lease. The owner may also want to review everything with his or her Real Estate Attorney. The Lawyer would be the most qualified professional to give the correct advice.
0 votes Thank Flag Link Thu Apr 19, 2012
If you are still in that house after the lease is up, you are on month to month agreement with landlord. Make sure you read lease carefully. Seller pays the realtor fee unless it's mentioned differently in the addendum. Good luck!
Web Reference: http://www.LindaHome.com
0 votes Thank Flag Link Wed Nov 18, 2009
It does not matter what one would think or what one should do. That lease is a legally binding contract. Once a lease ends and the tenant stay's in occupancy, the law looks at it as a month-to-month agreement, with all the same terms and agreements of the original lease. If you wish to hire a buyer broker then your just paying a second broker to do what the original lease says the first broker will be paid to do. So why pay twice. The broker from Westchester Paul is correct. Any good attorney or Good Real Estate Broker would know this.
0 votes Thank Flag Link Wed Oct 21, 2009
You can buy it probably now for
less money than it says on the lease agreement three years ago.
You are probably leaving out information because
you need to know how much the house is. There needs to have been
a price established for this house if and when you decide to buy it during
the three year lease agreement. If not then I would negotiate the 5% commission
into the price. In other words if he wants $500,000 for the property with 5% commission
you can offer 490,000 with a 3% commission. anything can be negotiated
ESPECIALLY IN A BUYER'S MARKET.

I can represent you as a Buyer Representative on this deal.

I hope this helps
Camille Dandola
Charles Rutenberg Realty
0 votes Thank Flag Link Sun Sep 27, 2009
Depends on the agreement and timeline; and yes the seller should pay the commission.
0 votes Thank Flag Link Sun Sep 27, 2009
An honorable owner would pay the 5% commission to the brokers involved. You would not have met the seller if you had not done so through the brokers. I say Yes, it should be included in the negotiations.
Jo-Ellen Ashby
RVP, Weichert, Realtors, New York Region
0 votes Thank Flag Link Sun Sep 27, 2009
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