Legal Question in Real Estate Law in Maryland
Commercial Real Estate Offer
I just received an offer to buy my commercial property in MD through a broker. The offer provides that seller pay a 7% commission and also recognizes the broker as the ''broker/agent responsible for the transaction''. Is the broker representing the buyer, me, or both? Also, is 7% a reasonable amount is such cases, and should I be paying it?
1 Answer from Attorneys
Re: Commercial Real Estate Offer
The broker or agent should be providing you with information about who parties represent in a real estate transaction and should have disclosed exactly whose interests he/she is representing. Please ask for a clarification of this in writing.
Whether a 7% commission is reasonable in this transaction depends upon the size and complexity of the transaction and how great the offer is. Getting independent advice from your own expert would be a good idea.
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