Can I sell a commercial property to my father outside of my Realtors contract?
I have been trying to sell my commercial property for awhile and now my father’s interested in purchasing the building for his own purposes. The problem is that I’m still under contract with a realtor until 5/09. Is there anything that would exempt us from our realtor’s % if we sold it to my father since he’s family? Or should we just wait out the contract?
BTW: We did not write my father’s name as a possible buyer when we signed the contract.
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Tags: Commercial Property, Realtor, Realtors
sell property | , 5 Apr 10
By kemperk, April 7, 2010 @ 2:20 am
PRESUMING you signed the “culturally normal” exclusive right to sell
contract…….you would owe a commission to the broker [your broker]
if you sold it to dad.
NOT only that, but on the contract, whenever you do sell it,
you must declare that you are a licensed RE licensee and
that you are related to the seller.
IF you really want to, you can ask the broker to cancel the
contract but he will become suspicious.
By Alterfemego, April 7, 2010 @ 10:39 am
You can cancel a listing contract at any time for any reason. Because your father was aware of this building and your ownership of it, that knowledge would date before your listing agreement. Be honest with the agent. It would be up to the listing agent to “prove” in a court of law that you and your father had no previous awareness of this building and what your intentions were with it.
By Real Estate Guy, April 8, 2010 @ 11:12 pm
you would owe the commission. PLUS, I assume that there is a clause in the contract that also limits you in selling the property to anyone that has expressed interest for around 6 months after the agreement expires.
By MissV, April 10, 2010 @ 8:59 am
Not sure what state you’re in, but you should be able to cancel the Realtor’s contract. With your dad you may be able to quietly do a Quit Claim Deed a few months down the road, especially if you know that it has a clean title.