Legal Question in Real Estate Law in New Jersey
I have a home listed for yearly rental with a Realtor in New Jersey. The contract i signed indicates the Realtor's commission is an amount equal to the first month's rent ("finder's fee" is indicated in quotes). Nothing else in the paperwork refers to the commission. Now that a prospective tenant has been found, the Realtor has indicated that "yearly rental" implies I must pay them this finders fee each time I renew the lease with this tenant in the future. Is that truely what "yearly rental" means in a contract between a landlord and his realtor? Thank you.
2 Answers from Attorneys
This is one of those situations where the wording of the contract is important. You should probably have your lawyer review the contract and give you an opinion. I handle matters of this type. If I can be of further help to you, call or email.
See also: http://info.corbettlaw.net/lawguru.htm
Not having seen the agreement, I can only provide a general response. Depending upon wording, the usual commission agreement does cover renewals. Questions remain that only a reading of the actual contract might answer; such as, when is commission payble, what happens if tenant defaults during initial lease terms (is any commission returnable), etc.?
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