Legal Question in Real Estate Law in New York

I would like to know about my rental property. My tenant wants to buy the property from me. At the time of leasing we had realtors on both side and while leasing there is a clause in the contract stating that rent with option of buying and commission would be 4% for the realtors. But now we do not want to involve the realtors and want to close the property between two of us. Is it okay if I do not pay the commission to the realtors?

Asked on 10/21/13, 12:14 pm

2 Answers from Attorneys

Arnold Nager Arnold H. Nager, Esquire
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You will be inviting a lawsuit from the realtors if you sell to your tenant. And you will have to pay the commission.

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Answered on 10/21/13, 12:37 pm
David Slater David P. Slater, Esq.
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You cannot exclude the realtors. You owe the commission on this deal.

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Answered on 10/21/13, 12:38 pm

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