Are real estate fees to be split by both parties when one is leaving willingly?

Asked over 1 year ago - Huntingtown, MD

A friend and I built a house 4 years ago as an investment property. He now wants to be bought out which I am willing to do. There is a total of $7,000 debt in the house. He has agreed to pay his half to me. I have heard, that even though we are not going through a real estate agent, he is still responsible to pay me what would be his half of the fees. Is this true? This does make sense due to the possible scenario that I could sell the house shortly after he moves out if I find that the financial burden is too much.

Attorney answers (3)

  1. Richard D. Lebovitz

    Contributor Level 10

    1

    Lawyer agrees

    Answered . That would be most fair but not necessarily required by law. Ultimate answer is what you agree on. Please call me at my office to discuss options at 4102822700

  2. M. Todd Miller

    Contributor Level 15

    1

    Lawyer agrees

    Answered . No statute on point that I'm aware of. You will be caused to sue on your contract and assert there was an agreement regarding the seller fees.

    NOTE: The use of the Internet for communications with the firm or this attorney will not establish an attorney-... more
  3. Michael T Millar

    Pro

    Contributor Level 19

    1

    Lawyer agrees

    Answered . There is no law that requires your friend to pay you 1/2 the value of a real estate commission when no realtor is involved.

    Some have used that tactic as a negotiating point. However, the other side could call your bluff and say go ahead and list the property for sale and pay the real estate commission.

    If this answer was helpful, please mark it as helpful or as a best answer. This answer is for general education... more

Can't find what you're looking for? Ask a Lawyer

Get free answers from experienced attorneys.

 

Ask now

27,739 answers this week

2,965 attorneys answering

Ask a Lawyer

Get answers from top-rated lawyers.

  • It's FREE
  • It's easy
  • It's anonymous

27,739 answers this week

2,965 attorneys answering