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Can I recover a down payment and broker's fee without a signed contract?

Can I recover a down payment and broker's fee without a signed contract?

Q: What is the difference between a fee and no fee broker?

A fee broker charges a commission or fee for their services, typically paid by the tenant or buyer. In contrast, a no fee broker does not charge a fee to the tenant or buyer, as their compensation is covered by the landlord or seller. This can make no fee brokers more attractive to clients looking to save on upfront costs.

Q: Can you negotiate down a broker fee?

Yes, you can negotiate a broker fee. Many brokers are open to discussion, especially if you have a strong rental application or are willing to sign a longer lease. However, the ability to negotiate may depend on the local market conditions and the broker's policies.

Q: What is the continued right to payment for broker-involved properties?

The continued right to payment for broker-involved properties typically refers to the broker’s entitlement to their commission even after a transaction closes, provided they fulfilled their obligations. This right is often outlined in the broker agreement and may vary based on local laws and the specific terms agreed upon.

Q: Is a buyer-broker agreement a contract?

Yes, a buyer-broker agreement is a contract. It establishes a formal relationship between the buyer and the broker, outlining the services provided and the broker's compensation. Both parties must agree to the terms for the contract to be enforceable.

Full question:

Is the down payment of a house along with a brokers fee recoupable if no contract has been signed?

Category: Contracts
Subcategory: BuySell Agreements
Date: 04/07/2025
State: New York

Answer:

The ability to recover a down payment and broker's fee without a signed contract depends on the specific terms outlined in the listing and purchase agreements.

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.

FAQs

Why do some apartments have no broker fee?

Some apartments have no broker fee because the landlord or property owner may choose to cover the cost to attract tenants. This can make the property more appealing in a competitive rental market. Additionally, some landlords may have their own leasing agents, eliminating the need for an external broker.

What is the difference between a fee and no fee broker?

Can you negotiate down a broker fee?

What is the continued right to payment for broker-involved properties?

Is a buyer-broker agreement a contract?

Is it worth paying a broker's fee?

Whether it's worth paying a broker's fee depends on your situation. Brokers can provide valuable services, such as market expertise, negotiation skills, and access to listings. If these benefits lead to a better deal or save you time, the fee may be justified. However, if you feel confident navigating the market independently, you might opt for no fee options.

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