I have a question. Is it common for the rental management company to state in the management contract that if I, the owner of the home, decide to sell my home within a year of termination of my rental management contract I have to pay the realty management company 6 1/2% commission fee of the amount I sell my home for even if I use a different company. Is this standard. My home is in Florida.
That kind of thing, while common during the contract period, is not something I have heard of once the contract term has concluded.
It is not "common" but it's also not unheard of.
It's your responsibility to read the contract and understand the implications thereof. If you don't feel comfortable with something in the contract, negotiate to have it removed or don't sign it.
I've seen contracts that state the Landlord must pay a commission, whether the PM company sells it or not. It's their way of trying to force you to sell it through them. However, I have never seen a clause that says you owe them a commission if you sell it within a year of terminating.
These are referred to as "tying arrangements" wherein the real estate agent ties the purchase of one product (property management) on the condition that you also purchase a different product (sales). It's common with land developers that sell you a piece of land on the condition that you also use their builder to build the home. I believe it's illegal and you should report it to the Florida commission to verify. If it is illegal, they should crack down on the PM company and remove that from all contracts.
CLICK HERE and then click on "Complaints" on the right-hand side. You should be able to remain anonymous as long as you are just asking the question.
I would say its pretty uncommon. Typically, if I have an owner sell a home in the middle of our contract I simply void the contract and move on.
Negotiate it out.
No, not after the contract is over. Ours states if the tenant buys, yes, but if anyone else buys or if they list with someome else after tenant is gone, no fee