Hi Guy's, wondering if somone can help with this question.
I have mate(Dave) that is buying a property and will be doing a double settlement on the same day. No banks involved, cash deal.
The Vendor(Tom) has signed a Real Estate contract with a clause that states that he can sell to the neighbour(Jeff) if he wants it with no commission to pay the agent but Jeff can't buy at the moment.
Jeff is also a friend of Dave and he told him about that the property was up for sale. The vendor has said it is ok for Jeff to sign the S&P agreement and that Jeff can then on sell to Dave on the same day, Dave will put the funds into the Tom's account on that day. There is no assigment fee as they are doing it because they are friends.
I was wondering are there any legal implications of doing this. Does the agent have any rights to any commission. It has only been on the market for just over a week.
Cheers
Stoney
I have mate(Dave) that is buying a property and will be doing a double settlement on the same day. No banks involved, cash deal.
The Vendor(Tom) has signed a Real Estate contract with a clause that states that he can sell to the neighbour(Jeff) if he wants it with no commission to pay the agent but Jeff can't buy at the moment.
Jeff is also a friend of Dave and he told him about that the property was up for sale. The vendor has said it is ok for Jeff to sign the S&P agreement and that Jeff can then on sell to Dave on the same day, Dave will put the funds into the Tom's account on that day. There is no assigment fee as they are doing it because they are friends.
I was wondering are there any legal implications of doing this. Does the agent have any rights to any commission. It has only been on the market for just over a week.
Cheers
Stoney
Comment