Legal Question in Real Estate Law in California
My cousin invited me to be her partner and we bought a condo together in May, 2012. Now she wants to buy me out. I will get half of the market value of the condo. Although there is no realtor involved in this transaction between us, she still wants to deduct half of 6% realtor fees from my share of the condo. Does she has the right to charge me this amount of money?
1 Answer from Attorneys
She has the right to charge you whatever she wants, and you can agree or not. The law does not regulate what the two of you agree on as far as price. From a practical perspective, however, I can see her point. If and when she goes to sell, she will have to pay commission on the full amount. So to pay you for half without deducting half the commission she will have to pay, but that you would have to pay if you kept your share and sold together, is giving you a windfall. On the other hand many brokers these days will happily work for 5%, sometimes less. So you should have some room for negotiation.
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