Selling a rental property
Answers to real estate questions as appearing
in the Houston Chronicle
By george stephens, CRB, AND Charles J. "Chuck" Jacobus, JD
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.
E-mail your question to "Ask George & Chuck" or fax it to 281/596-7591. The answers to questions in this column do not contain legal advice. If you wish to obtain legal advice, you should consult your own attorney.
George Stephens, CRB, is the broker of ERA Stephens Properties. He is licensed as a mortgage broker in Texas and a real estate broker in Texas, Georgia, and Massachusetts.
Charles J. Jacobus, JD, is board certified by the Texas Board of Legal Specialization in Residential and Commercial Real Estate Law, and the author of Texas Real Estate Law and Texas Real Estate, both published by Thomson Publishing. He also teaches at Champions School of Real Estate and Houston Community College, and is an adjunct professor at the University of Houston Law Center.
George and Chuck are co-authors of Texas
Real Estate Brokerage and Law of Agency published by Thomson Publishing.
