Full question:
I am handling the sale of a property for a friend who has agreed to pay me 2% of the sale rather than going through a real estate. Is there a legal form that I can have them sign that details the contract we have and will indemnify me of any liability surrounding the sale. Also, once I have a buyers offer is there a legal form that they will sign which will state that they are in contract and have agreed on a price?
- Category: Real Property
- Subcategory: Sales
- Date:
- State: New York
Answer:
The answer will depend on all the facts involved, such as whether you have a real estate license. A person who negotiates the sale of real estate is required to have a license under New York state law. Please read the following regarding a case involving a person who collected a finder's fee in a real estate transaction by acting as the agent in a power of attorney rather than a licensed broker:
http://docs.dos.ny.gov/ooah/decisions/non_indexed/BERNIER.htm
Please see the information at the following links:
http://www.dos.ny.gov/licensing/re_broker/re_broker.html
http://www.dos.ny.gov/licensing/re_salesperson/re_salesperson.html
http://www.dos.ny.gov/licensing/lawbooks/RE-Law.pdf
A waiver or release gives up a right, such as releasing one from his/her liability for harm or damage that may occur from performing under a contract, or participating in an activity. It is generally not effective to protect a person from liability for illegal acts, intentional acts, or gross negligence. Under a law called the statute of frauds, an agreement for the sale of real estate in unenforceable unless it's in writing. Please see the real estate forms linked below.
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This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.
