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.
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
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.
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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.
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