What would be beyond your control if all owner' s agree to sell?
Jennifer Sayad, Esq.
Attorney at Law
NYS Lic. Real Estate Assoc. Broker
Neuhaus Realty, Inc.
Direct: (917) 499-9832
Fax: (718) 987-3225
The commission is due technically when the broker has bought you a ready, willing and able buyer with an offer that you the seller has accepted. That said the buyer normally has some contingencies; such as getting a mortgage etc., but upon the buyer fulfilling all of their contingencies and the title being clear to close the commission is due.
The commission is generally paid at the closing when the funds are available from the proceeds of the sale for the convenience of the seller.
But your question seems to infer that you, and in this case many people becoming one seller. Are not all in agreement to sell? Most listing agreements do include a line or two referring to the fact that you are the owner and are authorized to sell the property.
Also you will need an attorney to represent you (collectively) as the seller for the contract of sale.
Have you consulted an attorney for an opinion on if you can even list the house for sale?
It is not just brokers commissions that you need to concern yourself with, but a buyer that has a contract of sale has a claim to the property as well. A seller or one member of the collective seller cannot just change their mind, once a contract is signed. This is called willful default.
Consult an attorney, before you list your property for sale.
Hope this helps answer some questions.
Kathryn Lilly, Broker
Realty on the Greene, LLC
99.9% of the time the real estate agent or broker will not get paid until the closing actually takes place. The only exception would be if the buyers were ready to close as per the parameters of the contract of sale and the seller willfully defaulted on the contract of sale and refused to close.
That is a rarity and the fact is that even under those circumstances a lwasuit would usually insue and most owners and real estate brokers are not going to take it that far.
Ultimately, I would say you do not have to lose sleep over this concern. If you want to discuss this further, contact me direct. If the property you are selling is in Brooklyn, I would like to find out more about it. Maybe I would have a good buyer for you! Either way, good luck!
Associate Broker/ Director of Sales
Madison Estates & Properties
Vice President/Associate Broker