Selling a rental property

By George Stephens   
Posted on May 04,2009

Dear George: My wife and I used a REALTOR® to lease a house that we own. The tenants are nearing the end of the lease and want to purchase the house. Are we obligated to use our REALTOR® to sell the house to the tenants?

Answer: It depends. Your REALTOR® likely required you to sign a Texas Association of REALTORS® Residential Real Estate Listing Agreement, Exclusive Right To Lease form. If he did, look at Section 5, Broker’s Fee. Under that heading, look for D. Other Fees, and (2) Fee for a Sale. How that section is filled out determines how much you are obligated to pay your REALTOR® should you decide to sell to your tenants. If your REALTOR® used a different contract, read it thoroughly or contact him and ask.

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Disclaimer: The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the Houston Association of REALTORS®

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