Seller doesn’t have to pay commission if friend not licensed
Q: I have friend who has found a property for me to purchase. He helped me negotiate the transaction, gave me comparable sales data, and helped me prepare a TREC contract form. The seller refuses to pay him a commission after he did all the work. Doesn’t he have any rights in this situation?
A: Is your friend licensed? If not, there are civil and criminal penalties for paying a commission to an unlicensed person. If he is licensed, why didn’t he address this issue earlier? He must know that he must have a written commission agreement to get paid.
Q: I put my house on the market to sell. We are expecting a contract shortly, and my broker asked me to sign a seller disclosure form. My lawyer said it was all liability and no reward, so do not sign it. My broker is really upset about this. Who’s right here?
A: The broker. State law requires that you fill the form out and sign it.
Q: Why do you all always defend the title companies? They can be incompetent, too.
A: Oh, we know that well. Most people misunderstand the role of the title company in most transactions. We just try to educate.
Q: I have no credit history, but have had a good job with the same employer for 15 years. I’m told I can’t get a loan to buy a house with no credit history. Where do I go from here?
A: Open a bank account and start looking for smaller lenders who may be more flexible in their lending practices. The American dream is still there to be had.
To send a question visit www.AskGeorge.net and select the “Ask A Question” button. Answers to questions do not contain legal advice. If you wish to obtain legal advice, you should consult your own attorney. George Stephens is the broker of Stephens Properties. Charles J. Jacobus, J.D. is board certified by the Texas Board of Legal Specialization in residential and commercial real estate law.