Hi team,
Friend of mine heard about a property before it hit the market - deceased estate - contacted the vendor and put in a private offer. Didn't come to anything as their price expectations were too high. After a failed marketing campaign the house hasn't sold and is no longer being sold by the agent who's contract on the property has run out.
They have negotiated with my friend and have agreed on price and everything, except they want him to add in an 'indemnity clause' so that if the agent comes out of the woodwork and wants a commission, my friend has to pay and not them. One of their trustees is a lawyer...
My friend is unwilling to add this clause in, so the deal is done for. My question is... if the agent were to challenge it, would they be entitled to commission?
The facts:
Thoughts?
Friend of mine heard about a property before it hit the market - deceased estate - contacted the vendor and put in a private offer. Didn't come to anything as their price expectations were too high. After a failed marketing campaign the house hasn't sold and is no longer being sold by the agent who's contract on the property has run out.
They have negotiated with my friend and have agreed on price and everything, except they want him to add in an 'indemnity clause' so that if the agent comes out of the woodwork and wants a commission, my friend has to pay and not them. One of their trustees is a lawyer...
My friend is unwilling to add this clause in, so the deal is done for. My question is... if the agent were to challenge it, would they be entitled to commission?
The facts:
- contact with vendor and private offer made prior to vendor signing up with agent
- my friend visited an open home run by the agent and put their name down in the viewers book and said they were interested in putting an offer in, which didn't happen
- agent's contract over the property has run out
Thoughts?
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