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Home buying

Hi
we have given an offer to a property 2 yrs ago through a realtor and it got rejected. Recently we spoke with the home owner directly as his number was available on the sign board infront of his house and he wants to sell his house to us for the same amount we offered 2 yrs back but without an agent.
What are the legal obligations we will face if we move forward in purchasing the house.

PK

  • August 25 2013 - Chicago
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Answers (6)

No real legal obligation but it would be smart to have an agent represent you to walk you though the process. Buyers agents are paid from the seller so it only benefits you to use one.
  • August 27 2013
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Profile picture for Andrew Malak
Ask him to look at his contract with the lusting Realtor. There is usually a close stating how long after the listing expires the previous Realtor can collect $. Usually is no longer than a year. Just make sure you get a good real estate attorney because e you are not paying him much form buyers side but are expecting to do all the Realtor's work. In addition, make sure you are getting good deal because seller us saving minimum 5% on top of current market value.
  • August 25 2013
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Profile picture for Matt Laricy
Procurring cause usually only lasts about 1.5 years.
  • August 25 2013
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Profile picture for Tony Mitidiero
Most likely neither you or the seller have any liability to an agent or an agent's commission; especially from an offer two years ago.  If anyone was liable, although not likely, it would generally be the seller as they will typically be the party responsible for commissions to be paid as a result of their listing agreement.  The listing agreement and any clauses extending a commission obligation beyond the term of the listing have most likely expired by this time. 

If you are still concerned, you could have your attorney draft a Hold Harmless letter, but I would have a tendency to think of that as overkill.  For legal advice it is best to seek the counsel of an attorney though.  I am not an attorney. 

Good luck:)
  • August 25 2013
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Make sure you research the value of the home before making an offer. Two years is quite a bit of time to pass to assume it's still worth the same amount.
  • August 25 2013
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None to the buyer and probably none to the seller. Most listing agreements have a clause that allows the listing agent to collect a commission 6mo after the expiration of the listing in such a situation as you describe, but never 2yrs later.
  • August 25 2013
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