Question about NY state real estate law

1 Reply

I currently have land listed in New York state and am now questioning whether I should actually sell it.  I know that if I get an offer, I don't have to accept it.  However, if I do get an offer for full price do I owe my real estate agent the comission anyway?  It's not stated in the contract, but I didn't know if certain states require you pay that if you get that full price offer and you decline it.  

First, you should decide if you really want to sell it or not. If not, then tell your agent you've changed your mind and would like to end your agreement. If the agent and brokerage are ok with this they can send you a termination agreement. Or, they could stop marketing the property with the agreement still in effect. This would prevent another brokerage from marketing the property and also protect them from sellers that have found a buyer on their own and are trying to cut out the broker fee (this does happen). In the end it really depends on what's in your exclusive listing agreement. Most have it so commission is due when the property transfers, so you can turn down full price offers and you wouldn't have to pay a commission. But like I said, you should decide and then let your agent know so they don't waste their time and money marketing a property you don't want to sell.