Legal Question in Real Estate Law in Oklahoma

Penalty for changing mind about selling property

My boss owns an antique store. Since I've started helping her we've expanded and are doing well. Last year, when business was slow, she listed her business with a local realtor. The property was never shown and there was no interest in it. She thought the listing had expired. This week her realtor brought her an offer for the full listing amount, even though, in the time since the listing was agreed on, the property and business has greatly increased in value. My boss doesn't want to sell - the realtor said she will sue and the owner will have to sell! Is this true? Also, the owner was not advised how to handle the "business" name and highly regarded clintele. The '"buyers" want to assume the name and all that goes with it as well, as part of the 'listing' price. Any advice?????


Asked on 7/24/00, 12:40 pm

1 Answer from Attorneys
Kurt Kennedy Kurt M. Kennedy,Attorney at Law

Re: Penalty for changing mind about selling property

A complete review of the listing agreement and relevant facts is neccesary. If the listing agreement expired before the offer was presented then most likely your boss isn't bound by the contract. If the realtor did not make any effort until now to sell the business, it is possible the realtor breached the contract before presenting the offer and the contract can be terminated. If the offer includes the purchase of more property(assets) than are covered by the listing agreement, then the realtor has not really presented an offer for the "full listing amount".

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Answered on 9/12/00, 11:42 am


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