Yes. There are many good reasons for the listing agent to be there for all showing appointments. The listing agent should know the property better than a showing agent. It may be the showing agent's first visit to the location. The listing agent will have answers to most questions about the property, having listed it, and by having more intimate knowledge of it. The listing agent's presence may also insulate the owner from unwarranted questions from unprofessional agents, and rude potential buyers. The listing agent will also lend moral support to the owner's knowing that their fiduciary rights are being protected right there on site. It also shows that the listing agent CARES. He or she cares enough to be there, it shows that the listing agent is thinking about the client, not just a commission.... more
When the Attorney did the title search didn't it show that there were two separate lots and wasn't this brought to your attention? You did not have to close until the title was clear. Somebody droped the ball. Unless you can prove the bank was at fault I do not see where you have any recourse.
Contact your attorney to find out what happen. If you didn't have an attorney - shame on you.... more
I'm not a lawyer, so this isn't legal advice. But...
There are a number of ways for setting up a "right of first refusal" on a property. And everything's negotiable. So, in any case, there isn't a "typical fee."
If one were setting it up as an option, which is a technique I'm familiar with, typically there'd be some sort of "consideration," which is usually a fee.
However, the value of the option, and thus the amount that the seller would ask for the option fee, could vary. Here are two scenarios: You find a property that is probably worth $100,000 today, in today's market, in its present condition. The owner is willing to sell it for $80,000.
Scenario One: You might want a short-term option, say 30 days, to tie the property up, then find someone else who'd like to buy it for $90,000. You might pay the owner $500 or $1,000 for a 30 day option. Remember: Everything's negotiable.
Scenario Two: You might want a long-term option, say 3 years. Your strategy, again, is to tie the property up and hope that in 3 years the value increases above $100,000. The owner knows that, too, and requires a larger option fee.
In either case, the option gives you the right to purchase the property...but not the obligation. Same as a right of first refusal would. You'd want the option to be assignable--that is, transferrable to another party. And the owner might seek a higher option fee in return for transferrability. Again, it's all negotiable.