RamParticipant@therealramJoin Date: 2009Post Count: 15
I have advertised my property with a local real estate agent since 9/7/2009.
On numerous counts they advised me that they found someone. However they come back with bad news.
On Wednesday they advised me they found someone again and have take a deposit. However this morning, I got a call from a family member who was interested and wanted to stay there.
The dilemma is that I don’t want to go through the agent anymore, however they are threatening that I would have to pay extra money to the tenant and she could go to Consumer Tenancy Trader Tribunal and seek significant damages.
The tenant has not yet signed the lease. She was supposed to sign it tomorrow.
If I don’t proceed with the agent, would I be in a legal situation? I need some serious help!FletcherTaxMember@fletchertaxJoin Date: 2009Post Count: 31
Check your Property Management Agreement terms. To terminate an Agreement with your agent it must be in writing. How much notice is required depends on your actual Management Agreement. If you stick to this – you shouldn't be liable to the agent for anything.
As for the proposed tenant – she hasn't signed up for anything as yet – no lease agreement exists. As such, you can reimburse her the full deposit (if made) and leave it at that. What kind of significant damages can you be liable for? You are not in a legally binding contract.
But please check your obligations with a qualified Real Estate Agent.Scott No MatesParticipant@scott-no-matesJoin Date: 2005Post Count: 3,850
Management/Agency Agreements usually have a one month notice period for termination – you cannot terminate at the drop of a hat (or a change in the direction of the wind).
Costs – the agent has spent money on advertising either hard copy or internet, these are part of the reimbursable costs to the agent regardless of whether or not they have found a tenant.
The property has been on the market for a month – this is not unusual even in periods of low vacancy. Prospects are just that, potential tenants, they do fall over for all sorts of reasons, the agent is doing its job.
You can advise the agent that you have withdrawn the property – be honest. You may have to pay a letting fee regardless.
On the other hand, willyour family member make a better tenant?BennyteeParticipant@ten_burnerJoin Date: 2006Post Count: 242
Having a family member in it can cause you more problems later
Im just being honest mate… I wouldnt mix family with business..
all the best