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when renters become buyers

Started by nyctob
over 11 years ago
Posts: 5
Member since: Sep 2008
Discussion about
I own a condo and leased it out to tenants a couple years ago. The contract with the broker requires that in the event the tenants end up buying the condo at some point, the broker gets full commission on the sale. Is this standard across all brokerage firms? Seems a bit much that a broker would get a full commission for doing much less work than work normally be required to sell a condo.
Response by chen99
over 11 years ago
Posts: 17
Member since: Oct 2013

Our rental broker put the same term in the contract. I did not realize till couple of weeks after we sign the contract. But sine it is for a 1-year lease, the term is valid only during the 1st year. If our tenant extends the lease with us after 1 year and decides to buy later, the broker cannot get any fee.

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