#221146 - 04/20/08 05:06 PM
Re: Has anyone ever sued a buyer for a commission?
[Re: Devil's Advocate]
|
Veteran Member
Registered: 04/12/08
Posts: 1059
Loc: Glover, Vermont
|
If you're not in a rush, instead of tying up the Court System, you might also consider just putting a Lien on the Property that your Buyer(s) bought by recording a copy of what is hopefully a nicely drafted and properly executed Exclusive Buyer Agency Agreement. An outlay of maybe $25 to $50 +/-. If everything is well documented, and your files are complete, you'll receive deferred gratification.
Besides, the Buyers will probably have more money at the time they become Sellers in a few years; hopefully more than they had at the time of the Purchase. Sending them a copy of your Lien by Certified Mail should put them On Notice that you'll still be waiting there when they go to Sell.
Brokers are typically approached early on to settle up for some reduced amount; and the Culprits do get angry, but nobody broke their arm(s) to sign the EBA. I think it's more embarrassment than anything else; and a big batch of mis-directed hostility which should properly go towards "the person in the mirror" who tried to cheat.
Creative Lien Management can save a lot of time and money; and the Land Records DO NOT FORGET.
Important Notice: This information is provided as basic educational information by the author and is not a substitute for the advice of an expert and/or the advice of a lawyer. There is NO representation as to legality, accuracy, correctness of the herein information and the reader is strongly urged to consult a lawyer in the relevant jurisdiction to ensure accuracy before acting on this information .
Edited by Vermont007 (04/20/08 06:12 PM) Edit Reason: punctuation issues
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont Where We're Always Striving To Put Together "THE FAIR DEAL"
|
|
Top
|
|
|
|
#221632 - 04/22/08 11:24 AM
Re: Has anyone ever sued a buyer for a commission?
[Re: Vermont]
|
Major Contributor
Registered: 12/15/04
Posts: 2288
Loc: CO
|
If you're not in a rush, instead of tying up the Court System, you might also consider just putting a Lien on the Property that your Buyer(s) bought by recording a copy of what is hopefully a nicely drafted and properly executed Exclusive Buyer Agency Agreement Obviously, individual agents who are contemplating doing anything like this, should run this by their broker, who I hope is smart enough to consult an attorney before taking such actions. (although there is a disclaimer, I thought it was an important reminder)
|
|
Top
|
|
|
|
#221693 - 04/22/08 02:24 PM
Re: Has anyone ever sued a buyer for a commission?
[Re: pikes peak]
|
Member
Registered: 01/03/05
Posts: 259
Loc: Ontario, Canada
|
LOCALLY: The legal term that I am most familiar with is what is referred to as a “Lis Pendens” which translates into “pending litigation” and where the rules regarding same may vary from jurisdiction to jurisdiction.
In my jurisdiction an action (lawsuit) must be filed first, then a “Lis Pendens” in relation to the property in order to notify any interested party, that there is a pending legal action (claim) and that the property in question will be subject to the legal disposition of the Plaintiff's claim by the court.
This is not to be confused with a legal judgement awarded by the court for a specified amount and which is filed as a lien against the property.
Important Notice: This information is provided as basic educational information by the author and is not a substitute for the advice of an expert and/or the advice of a lawyer. There is NO representation as to legality, accuracy, correctness of the herein information and the reader is strongly urged to consult a lawyer in the relevant jurisdiction to ensure accuracy before acting on this information .
|
|
Top
|
|
|
|
|
Registered: 06/16/07
Posts: 1196
|
|
|