In court, a judge appointed me as the realtor( I am a realtor of 14 yrs) to list my mothers home that was in her name and us children's name. My sisters lawyer after court told me that My Office or I can take no commission. No office will take this listing with no commission. there is many fees that come out of the commission. we are only talking 3% of $115,000. Is it true that my Real Estate Office and my self can take no commission on a probate case of this sort?
Sheila
These are questions best answered by your attorney.
A few talking points:
If your parents died without a will, then the process used to distribute the assets of the estate is mandated by the court called Probate. A judge determines what happens to make sure that the heirs are treated fairly.
IMHO (this is not a legal opinion), I'd would not have my firm take the listing. It is a conflict of interest. You are already one of the heirs. Ask your attorney, but it would be better for another broker to list it. The only benefit for you listing it is that you'd earn the commission...and that is the point of the judge's ruling that you'd earn no commission if you listed the property. You are already receiving a portion of the estate..it would be like double-dipping.
Check with your broker, state where you live controls your license, or real estate attorney. Most brokers have a small fee for agents who have their own property. Agents who represent family matters in most instances take no fees.
Shiela,
This is a question that would be probably best directed to an real estate attorney for their recommendation. We agree with you, it is unrealistic to believe professional services would be provided at no cost. Our follow up question is who will take the loss for expenses.
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