Obligations of the buyer and seller
Started by falcogold1
almost 17 years ago
Posts: 4159
Member since: Sep 2008
Discussion about
I viewed an apartment about a year ago at an open house. Liked the apartment, hated the price and failed to pursue the property. The apartment went to contract, failed the board review, was not sold and exited the market. (one of the many shadows) I have since come to like that apartment more. If this apartment is not on the market as of this moment can I contact the seller directly and attempt a purchase with no obligations to any broker? What about the seller? If the place is off the market now does that imply that the seller has no broker obligations? Ethical considerations aside...legal??? Remember I initially viewed this apartment at an open house and signed in.
I'm almost 100% sure the answer is "no" (as in no issues"). The only thing would be if the Seller signed something with the broker that you are unaware of, but that's not your problem (yet).
If a year has passed, regardless of any standard agreements the seller entered into, all obligations ought to have expired. Of course you have no way of knowing if the seller just re-signed with a listing agent, etc. But if you are interested, nothing to hold you back from contacting the seller directly in this situation.
You have no obligations to any broker, but the seller might. As 30Yrs pointed out, that's not your "problem," but I wouldn't necessarily expect any commission/transaction costs to "disappear" because you've outwaited them.
My seller clients, at least, would come back to me and offer me half-commission if they later got a buyer, not just because that's ethical but because they'd want me to deal with the board, inspection, mortgage lender etc. if the buyer did not have a broker who would. The car does not park itself.
ali r.
{downtown broker}