A licensed agent simply represents you as the Seller, if the person is not licensed they are either: looking to purchase your property directly from you or working as real estate investors to sell your property or assign the contract to someone else.
All a licensed agent is doing is representing you, and helping you find a buyer which can be a real estate investor buyer with cash or a traditional buyer with an approved bank loan, which is ultimately what you want (to sell your home). If you need representation you would sign a contract with an agent to sell your home or work with an attorney to make sure that the contract is clear and legal if you want to sell directly to a buyer or a real estate investor that you already have in line to buy your home.
As an investor I personally work through a real estate attorney and use contracts approved by the attorney which I use when I am looking to directly purchase a home from a seller, buy and sell, or assign to another buyer. The biggest mistake a seller makes is not reading what they sign. Word of mouth does not work with real estate because if you need to settle a matter in court, the judge can only "listen" to what is in writing or witnessed by another party.
If you do not understand the language you NEED a real estate attorney to review the contract in order to assure you that it works for you. I hope that I was not too repetitive but it should clear things up for you.
All the best!
If he/she claimed that they were Licensed and it states that on the contract then the contract is valid if their license is currently active.
If the contract does not contain any License numbers or details, your friend simply told you one thing and is actually selling as a Real Estate Investor would.
If you were under the impression that they were licensed but they never said this, there is nothing wrong with one person selling property under contract for another person as long as the closing is done through a Realtor or Real Estate Attorney here in New York that is the law.
A person does not have to be licensed to sell your property as long as they are working through an Attorney or Realtor to get the sale closed.
At the end of the day, If he/she sells the property that would be your basic concern. I would only work with a Real Estate Investor if they have buyers in line to purchase my home and they are working with a Real Estate Attorney to close the deal to keep things safe and legal here in NY.
All the best!
In New York State only a Licensed Real Estate Broker can receive a commission for the sale or rental of residential real estate. Period. End of discussion. There is no liability on your part to pay your "friend." If your "friend" really pushes you, indicate you may report his actions to the District Attorney's office.
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services
If your friend did not say in the contract that he or she is a licensed broker with a particular company and it's just a regular contract to between the two of you then you may want to consult an attorney to see if there's any validity to the contract.
A word of advice, anything that requires your signature you should take time to read carefully for 24 hours even if it's a friend or family member.
Call me if you need any assistance with the sale of your home or other advice.
You need to speak to an attorney and then show your attorney whatever agreement you signed (do you have a copy of it, I would like to see it myself). Depending on how it is worded you may have some obligation, but I doubt it. I am curious, how good of a "friend" is this and how long do you know him or her? Is he or she truly a friend or just some scam artist? Please contact me to further discuss, I will get my attorney on a conference call with us for you free of charge. It just rubs me the wrong way when someone takes advantage of a friend, or anyone for that matter.
Although I am not an attorney and I cannot give out legal advice, if it were me I would tell him or her "where to go" in a New York City second and to have a nice life. If your "friend" threatens you with a law suit, tell him or her to feel free to do so. Lets see if your "friend" actually wants to spend money to start a law suit (very doubtful).
Show no fear otherwise your "friend" will take advantage of you. I have plenty of attorney friends who would love to take on a case like this, they will make sure your "friend" pays for their unethical and/or illegal behavior.
If I can help you in any way please contact me. I can also help you sell your home if need be. Good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
It's hard to tell what sort of problem you may have caused for yourself.
Charles did provide an essential piece of information, "Any person who performs the service of selling real estate for another and FOR A FEE must be licensed by New York State"
That applies in NY and FL and I'm sure in every other state that issues professional licenses.
Now, none of us know what you signed.
None of us know what your arrangement is.
None of us know your level of knowledge regarding buying and selling real estate and your knowledge of the role of an agent and broker.
And none of us know what is the real meaning of "he is still trying to hold me liable."
Just way too much we do not know.
You should consider calling one of the Brooklyn agents responding here and have them review the paperwork you have. They will be able to advise what the next step should be.
Don't click that "contact' button.
Don't use the email link.
If you are serious...and you really, really should be, pick up the phone and call.
Best of Success to You,
Annette Lawrence, Broker/Associate
Remax Realtec Group, Palm Harbor, FL
727.420.4041 - http://www.RealEstateMadeEZ.us
Few things end a friendship faster than introducing money.
Most likely the contract was one that is used a licenced Realtor which makes it null and void.
Give me a call, I know the 11226 area very well. Lets get your house sold.
Commercial | Residential
REMAX PARK SLOPE
Direct: (212) 300-3919