Legal Question in Real Estate Law in North Carolina

business broker entitled to commission
I am selling my restaurant for sale by owner. A business broker working as a buyers agent presented us with an agreement to purchase. It clearly states $1000 at buyers signing with another $14,000 when we signed which we all did the same day. The deal fell apart 2 days before closing and buyer didn't amend contract and contingencies were met so buyer forfeited down payment. Well, guess what? Broker never collected down payment and trust account is empty. 2 days after the buyer pulled out, he is back pursuing us with a lesser offer. we have yet to terminate the first offer is writing. The only thing we signed with the broker was an addendum to the offer and the offer of course. the addendum says simply that we are to pay business brokers 5% of total sales. I have two questions. First, does the second verbal offer including the addendum cancel out the first offer if we except, meaning can we renegotiate commission too or is this guy entitled to ANY commission since he has broken trust fund law, misrepresented the contract and maybe even fraud. our lawyer is too complacent and only want us to close and deal with the NC real estate commission after closing. what is real estate law on this. I don't want to pay this guy.

Asked on 6/22/08, 4:23 pm

Jeff Rosner Rosner Law Firm P.A.

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Re: business broker entitled to commission

I would suggest calling the NC Real Estate Commission directly if you don't want to hire an attorney to research this issue.

Answered on 6/23/08, 8:21 am

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