Suppose you sign a contract with a seller to purchase a house. With that contract in hand, you start marketing the property (place ads, conduct open house, send emails, etc). You then find a buyer, and do a double closing.
While this is a typical transaction made by hundreds of real estate investors every day, some people argue that you can’t market a house that you don’t yet own, because you would be acting as a real estate agent and you need a license for that.
Does the fact that you have a valid contract allow you to market a property for sale without breaking real estate agency laws?
I have a commerical building listed in Michigan, and I want to get out of my contract. Is it legal for the commerical broker to hold me to it? Can someone give me the actual no. in the law book, so I can forward it to the listing broker? Thanks
Whats the deal? I hear mixed stuff about getting non paying roommate out. I have been told that because he holds no contract I can tell him to leave. On the other hand people have been telling me that because he’s been there for longer than 30 days he has some sort of right and I would have to get him evicted. I spoke to a real estate broker and they said because he holds no valid form stating he can be there I can just tell him to leave and he has to comply or deal with the authorities. Which of the statements are true???? The roommate has been living here for 3 months, has no contract of any kind, is on a verbal month to month with me as I thought he was once my friend, and is a complete pile of steamy poo that I don’t want to smell any longer. Please let me know if I can just throw this problem out or what needs to be done to get him out. Thanks.
They are all for this deal, BUT they still owe money on the mortgage. Can I just take over those payments? what happens if they pass away, would the contract be void? would i have to move out? Hopefully someone has real estate experience to answer this because we have no idea what can be done legally.
In my real estate CE material, it states that "the licensed broker is the agent, not the broker’s salespeople…..the broker gets the listing….the broker is the procuring cause of the transaction….the broker earns the commission". However, it’s not cited. My broker is being sued for a transaction which the listing agent had been fired from our agency at least a month before an executed purchase contract had been signed. My broker’s attorney wants us to find, in the laws, where the above statement can be found. I’m the salesperson that the listing was reassigned to. We’re in Illinois.
I live in Brooklyn, NY and I paid a real estate broker a deposit of $500 on his fee of one months rent on 12/3/2008. I changed my mind about the apartment I viewed the same week and it is 3 weeks later and he hasnt returned my money yet. In the contract receipt it stated there is a $250 fee for "paperwork and labor" even if you change your mind which I was aware of but he has not returned any of my money and made arrangements for last Saturday and then didnt call me or answer my calls. He seems to be ducking me. What can I do now? What is the law regarding this?
Okay, here’s my situation.
I have a house listed through a real estate agent. She didn’t want to list at our price but finally did.
She does not want to ’show’ the house in the condition it is in. There is work that needs to be done if selling to anyone other than an investor that want to tear it down. But she’s not even willing to hand pick potential buyers that would want it as an investment.
We told her we really need to sell it now since there is no more money to keep making the mortgage payments. (long story short, mother in law went into assisted living and it’s her house, we are making the payments each month along with insurance, power, water, ect.)
I have a buyer!
But what happens if I sell to them. Does she sue us? Or do we just have to pay her the 3% commission she was entitled to if she were the one to secure the buyer? Or will she just void the contract since she’s done nothing more than one walk-through?
Anyway we can get out of an agent agreement without the home becoming distressed?
The agent is "family" but is money hungry so I can’t see her just letting us out of the agreement.
Thanks for any insight you can give me!
My daughter sold her mobile home on May 27th to a young, unmarried couple with a small child. They established a move in date of June 1st She agreed to take a down payment of $2,500, paid by both of them, and owner finance the balance. The first payment is due July 1st. The couple started moving their things in, then something happened (we don’t know what) and they stopped.
On June 3rd, the woman called and wanted a refund. My daughter refused. On June 4th, the man called saying they had broken up, his mate had returned to FLA,(we are in TX) and he wanted his money back. Again, she refused for multiple reasons. One of the reasons being, she rec’d the money from both and would not refund to one or the other. Another is the contract. What legal and moral obligation does my daughter have? What should she do? Please hurry. As you can tell by the dates, this is urgent. Thank You
I am tenant in Pune (india) suffering from brokers. Every 11 months after finishing the contract they ask for Heavy brokerage which is nearly 2 months rented amount. Its very hard for middle class people to bear such heavy amounts. There should be some maximum limits on the brokerage. Brokers are just getting rich giants eating poor tenant’s amount.
Hi Everyone
We planned to buy a house in Australia and as per the real estates agent information , we have signed the contract of sale and its been more than a week time…Cooling off period was only 3 business days from the date of signing the contract.
We came to know from the owner that the real estate agent have given us misleading information about the house and now we thought of cancelling the contract but our solicitor said that we can’t do anything now as we have signed the contract…we have to proceed with the buying , do you guys think it is right..or do you guys think that i need to get a second opinion from a different lawyer..
I am so concerned about the misleading info given by the real estate agent , its totally driving me nuts and not sure what to do, Is there any law or a place in Australia to solve this sort of problems.
Please guys I need your help..Any help would be much appreciated..
