Buying or Selling a Home/Going from renting a house to selling it
Dear Mr. Dick Dennis,
First of all, thank you very much for volunteering on this site!
Second: Please tell me about your newsletter.
Brief background: We were trying to sell a house in Louisiana for a while but since we couldn't, we decided to rent it. The sales agent passed us onto their property mgt section. Through them we rented our house out. - The contract we have w/the rental agent only specifies the amount of rent, nothing about option to buy.
Q: Should the renter want to buy our house, would the renting agent - whom we hired - have any right to any commission?
Q: Am I under any obligation to retain my rental agent for any period of time? In other words, after they found a renter (who appears to have a rental agent as well) for us, what sort of obligation - if any - do I have to them? Right now they are getting 10% of the rent.
Q: Under what circumstances would it be OK for me to make direct contact with the renters?
Once again, thank you very much for volunteering on this site!
You obviously must have signed a rental listing form with your agent, Pablo, stipulating how much commission is paid to his company. The fact that they are being paid 10% of the rent tells me that.
The listing form may say somewhere within its paragraphs that should the agent bring you a buyer for the property, then they would be entitled to a sales commission. If no such wording is part of your rental listing then you should not have any problems talking with the tenant regarding buying the property in any way without having to pay a commission.
However, since the tenant came because of your agent, his company may indeed be entitled to a selling commission. Otherwise, contacting the tenant should not be a problem. I do wish you well.
If you'll give me your mailing address, I'll send you a copy of The Landed Gentry and you can decide if it benefits you.