Legal Question in Real Estate Law in New York
Real Estate commission due?
My ex is refinancing/buying our two jointly owned homes. We are doing this with a realtor. He feels the value of the property is the appraised value less the 6% real estate commission that would have been an expense if we had used a realtor. Is he correct?
2 Answers from Attorneys
Re: Real Estate commission due?
I am not certain that I completely understand your question.
However, if you are transferring the houses to your ex-spouse as part of a marital settlement, you should consider having the properties appraised by a neutral appraiser.
I would also say that many people sell their homes without a broker, or they use a discount broker where the commissions are 3% or lower. Thus, I don't know that I would agree with the realtor's theory.
If you need legal assistance with this, or any other matter, please feel free to contact me.
Re: Real Estate commission due?
The answer from a non-matrimonial point of view is that the house is worth the value of the appraisal. The realtor commission is an expense having to do with the sales prices, not the appraised price. It is essentially apples and oranges.
Good Luck
RRG
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