Expert: Dick Dennis - 8/21/2005

Question
We selling our home buy-owner in Texas, and received two offers on our home this weekend.  We verbally countered one offer, and the party has accepted pending we provide a written counter.  I am waiting on response on the second.  When does the buyer's agent earn their commission? I don't want to have two counter offers that are accepted and owe two commissions.  If they accept the counter I have initialed is it a live contract or do I have to sign it before it is binding?  I want to buy a few days on both offers, so is there anything I can put in the contract like this offer is contingent upon acceptance of my lawyer before it is valid?  Would this allow me to unconditionally decline one accepted counter offer without owing anything?

Thanks.

Nathan.  

Answer
When there are two offers, Nathan, neither one is valid until the counter offer from the seller or the seller's acceptance is accepted by a buyer. That still does not mean you have a deal if you don't want it. But if you have listed your house with a real estate agent, then you do owe him/her a commission even if you decide to not sell or to sell to someone else. The agent has earned his/her fee when you have accepted an offer. Period.

If you did not sign a listing with an agent, the buyer is responsible for paying a buyer's agent's fee, not you if you did not list the property with a different agent.

It is not your concern if the buyer's agent has earned a commission or not in that circumstance.

Yes, you may accept any offer subject to your attorney acceptance of the transaction. That is your weasel clause. The only time there is a valid transaction is when the buyer's signature and the seller's signature is on the same document. If you choose to not sell, then the buyer has the right to force you to sell in court.

If any of this is a valid scenario, I strongly suggest you counsel with a real estate attorney.

I do wish you well.

Dick Dennis   dixiedee13@aol.com