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Updated almost 8 years ago on . Most recent reply

Commission not paid to me
Most Popular Reply

I don't do that separate agreement with the seller crap. Listing brokers sometimes lie through their teeth.
When I submit an LOI on a commercial property I have a section where the seller agrees to pay me X percents AT CLOSING, AS A CONDITION OF CLOSING. This part of the LOI is binding upon the seller with the purchase and sale contract.
Keeps the seller or listing brokers from being weasels and liars.
Sometimes listing brokers say they are splitting 50/50 but they are not. You get to closing and the listing broker took 3 and gave you the buyers broker 2. Again if it states 3% to buyers brokers in the LOI and is binding upon the seller they can't play these games.
Listing broker will say they have agreement with the seller for XX. I could care less and ask the seller to pay me more and make up whatever difference to get to 3% to me as I have the buyer etc.
You have to learn to protect yourself in this business.
- Joel Owens
- Podcast Guest on Show #47
