Legal Question in Real Estate Law in New York
Conflict of Interest
I own a home with domestic partner. Possibly splitting up and considering selling home. I found a real estate agent who made a nice proposal of 3% commission and provided a market analysis. Partner brought in a real estate agent, turns out to be a person she already has an existing business relationship with (rents boat slip in this persons marina)asking commission of 4%. Showed up with a lawn sign, a door lock and a contract to sign...no market analysis of any kind. Isn't this a conflict of interest using his person...who may or may not provide her a discounted slip rental in exchange for 4% commission.
1 Answer from Attorneys
Re: Conflict of Interest
It may sound like a conflict however the real issue is how do you deal with it during a split with a partner where your goal is to sell the house and move on. Perhaps you should bring this to the partner's broker's attention and ask him/her to match the 3% in an effort to difuse the situation.
I would also, prior to signing any contract of sale, have an agreement with your partner which outlines the process of dividing the proceeds and settling any other divisions of property and partnership issues. Feel free to call me if you need any further assistance on this.
Kind regards,
Peter Moulinos
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