Legal Question in Real Estate Law in Virginia
Selling my property
I have 8 acres for sale in Albemarle Co. Va. and for the last 2 years the property has been listed with my realtor. I want to pull the property off the market and wait until the realtor is no longer intitled to a commission from a sale. Generally, how long do I have to wait before I can do this? Upon the sale of the property, half of the profit must go to a distant relative who has never helped me pay property taxes over the years. Can I sell the property well below market value to reduce the half the relative will recieve?
1 Answer from Attorneys
Re: Selling my property
The terms of the listing agreement control your obligations to the realtor. If they are not clear, consult with a lawyer. As to your obligation to pay 1/2 to the relative, what is the basis of this obligation? If you both own the property, you CAN'T sell it w/o his participation (or a court order). If it's by contract, the terms of the contract control. If you intentionally sell cheap to cut him out, you may be liable.
Daniel Press
Chung & Press, P.C.
6723 Whittier Ave., Suite 302
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