Legal Question in Real Estate Law in Indiana
Real Estate Agent rights
We had our home listed with an agent. She showed the home 2 days propr to the contract running out. This person now wants to purchase our home w/o using the real estate agent. This person will buy our house if my father-in-law agrees to sell him addtional acreage adjacent to the home. My father-in-law has agreed to do this. Meanwhile, the real estate agent got angry with our potential buyer and chewed him out. The buyer now wants nothing to do with the agent. We would like to pursue this deal outside of the agent, but she is saying she has rights to him for 4 months after the contract runs out. Someone suggested doing a 'short sale' and selling it to my father in law for like a dollar and then he can sell it on to the buyer. I don't know how I feel about that. Any suggestions?
1 Answer from Attorneys
Re: Real Estate Agent rights
Buyers in this market are hard to find. So if you can sell to this person, without being cheated by the buyer, do so. Most listing agreements provide for payment of an agent's commisison to the agent if any buyer introduced by him buys the property, even after the listing expires. These provisions are generally considered fair and enforceable. So you might have to pay the agent his commisison for that portion of the property that he listed. You can probably leave the commission amount in escrow and submit that issue to arbitration with your local realty board. Don't monkey around with phony sales; that will only make you look like a crook. Make sure the buyer can and will perform his agreements; you should consult with an attorney experienced in real estate law to help you avoid being cheated by the buyer. I think I have mentioned two times being cheated by the buyer. Pay attention. Good luck.
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