Announcement

Collapse
No announcement yet.

STBX offering to purchase my half of marital home - Do we still pay Realtor ?

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • STBX offering to purchase my half of marital home - Do we still pay Realtor ?

    Hello community,

    The marital home was put on the market via a real estate agent. STBX now wants to keep it and buy my half.

    Real estate agent still seems to want to get paid. The listing agreement signed seems to support this. Seems like we owe him 5% on the amount STBX will pay me.

    Is this correct ?

  • #2
    Take a close look at your contract with the realtor. Seems to me that if your ex is purchasing your 50% of the house (which she already owns 50% of) it's not really a sale. So realtor should get no commission on the transaction.

    Better yet, wait until the contract is due for renewal - usually 6 months, and simply take the house off of the market. If you are stuck with the 5% fee, you'll both have to split it 50-50.

    I'm sure others with more experience will add opinions.

    Comment


    • #3
      I wouldn't pay the realtor a dime. They didn't sell it.

      You cancel the contract, taking it off the market. Finished. What you decide to do after that point is your own business.

      I personally believe no one should sign anything more than a 30 day listing with a realtor unless you are trying to sell an acreage.

      Comment


      • #4
        Originally posted by arabian View Post
        I wouldn't pay the realtor a dime. They didn't sell it.

        You cancel the contract, taking it off the market. Finished. What you decide to do after that point is your own business.

        I personally believe no one should sign anything more than a 30 day listing with a realtor unless you are trying to sell an acreage.
        Thanks for your response Arabian...


        For the communities benefit, the language in the OREA Listing Agreement says that if the property is sold by any means during the listing period the commission is payable. So he is owed the money.


        And as a matter of fact, it is an acreage, a 50 acre hobby farm west of Ottawa. I am in Toronto now, close to my kids, so really, an agent was needed and he did show the place a number of times.

        STBX had made a prior ridiculous offer for it prior to listing with an agent (constant bad faith with her) so once an offer came in at market value she smartened up and made a reasonable offer. So it was worth having the agent involved. he even cut the grass.

        He's now willing to take only 4% since this is technically a double end deal for him. Also the commission is based on half the home price.

        so its not so bad. I just want out. I even offered to pay 3/4 of commission.

        Also having agent involved adds a gravitas to the transaction, i.e. STBX is less likely to pull any bullshit.

        much love to the community.

        Comment


        • #5
          so you moved to Toronto to be closer to kids and stbx but now she is buying the hobby farm near Ottawa?? Is she planning to move back there?

          Comment


          • #6
            I dont think you are obliged to pay the agent any commission. Pretty sure you can terminate the contract anytime and as long as you dont sell to someone he introduced you to then you are free and clear.

            If you want to be fair pay him an hourly rate for the time he spent working for you.

            If you want to protect your ass, get a notary or lawyer to draft the sale.

            4% commission on 500,000 = $20,000 = a lot of money.

            Can your ex actually pay you off and qualify for the mortgage?

            Keeping the martial home is a good strate for custody...

            Comment


            • #7
              Talk to a lawyer. In my case it was extremely complicated. If I wanted to buy out the matrimonial home I had to come up with his half as well as my half and the entire amount would be held in trust ( he argued that 100% of the money was his). I did manage to get a mortgage broker to give me a mortgage for 100% of the value of the home but it would have cost me $100,000 in interest for 6 months and there was no trial date. So I said no.

              My lawyer said if I purchased the home on the open market through an agent I would have to pay real estate fees. However,if I did not go through an agent then only my ex would be required to pay fees . He would only have to pay 2.5% not the full 5%.
              When my lawyer prepared an offer on my behalf I did not pay fees, only my ex.

              Comment


              • #8
                Originally posted by standing on the sidelines View Post
                so you moved to Toronto to be closer to kids and stbx but now she is buying the hobby farm near Ottawa??
                thats right.

                Is she planning to move back there?
                your guess is as good as mine. I would be happy if that were the case. Housing cheaper, near my girlfriend and could keep my job.

                Comment


                • #9
                  Was there actually a sale by the agent? The house was not sold by its former owners (you and ex) to new owners, instead one owner bought the interest of the other owner. Your ex did not actually purchase the house as it was listed, because she already owned half of it. The services of the agent were not needed to sell the house, because the purchaser was already a part owner, not a client. At least that's how it looks to me.

                  However, if you think the agent did a good job for you and it was worthwhile to have him involved, paying him for the time he put in makes sense. It would be a fee for his services, rather than his share of the sale.

                  For what it's worth, when my ex bought me out nobody paid anybody commission.

                  Comment


                  • #10
                    so there you have it

                    agent was contracted to sell the house - for whatever reason he did not sell the house therefore you owe him nada, diddly, squat, feegasbottem

                    If you wanna be a nice guy do what the agents do after closing a deal (worth over 500k) send him a flower arrangement with your thanks. Or a 50.00 gift card for Superstore.

                    Idiots

                    Comment


                    • #11
                      STBX has now gone silent - WTF

                      Ok, an entire week has gone by.... no word from STBX's lawyer on purchasing my half and the one other real offer on the house has evaporated because STBX said she would buy my half.

                      One of the reasons I am afraid to burn my bridges with agent right now is that STBX has long track record of screwing me at any opportunity. Having a third party around like agent involves another neutral party and I think helps keep STBX on side.

                      Also if STBX backs out, it has to go back on market.

                      The big problem is that the place has been vacant, so its insured with a vacancy rider that will expire at end of calendar year.

                      So my question is if we end up having lost the one and only offer on the house because of STBX making an offer which she renegs on, what sanctions can I ask the courts for ? Maybe an order removing her involement in the sale ?

                      The bigger problem is if the property goes uninsured because it doesn't get sold. Ultimately its STBX's fault. Can I go after her for reckless depletion during division of assets ?

                      Really stressed out about it. Any help would be most appreciated.

                      much love

                      PND

                      Comment


                      • #12
                        You can go to court and ask for an order to sell the home.
                        You will both be required to maintain the insurance on the property and can ask for an order that she pay half.
                        There is only so much you can do with an unco-operative spouse and lawyer. Do what you legally can to protect yourself then let it go.

                        Comment

                        Our Divorce Forums
                        Forums dedicated to helping people all across Canada get through the separation and divorce process, with discussions about legal issues, parenting issues, financial issues and more.
                        Working...
                        X