Selling our IP, do we have to pay commision?

[stay.classy.]

Hi long time lurker, first time poster.

We are about to sell our IP privately. The buyer who we plan to sell to was introduced informally to us by a real estate agent. We have not entered any formal contract with the REA to sell our property. My question is if we have no contract with REA, and they have done nothing during the negotiation process ,do we have to pay them a commission?

Note** I will pay them a small referral fee out of goodwill**

Thanks in Advance.

 

[labrynth]

Hi long time lurker, first time poster.

We are about to sell our IP privately. The buyer who we plan to sell to was introduced informally to us by a real estate agent. We have not entered any formal contract with the REA to sell our property. My question is if we have no contract with REA, and they have done nothing during the negotiation process ,do we have to pay them a commission?

Note** I will pay them a small referral fee out of goodwill**

Thanks in Advance.

No Agency Agreement. No Commission. Simple.

Referral fee not necessary unless you are feeling generous.

 

[Peter_Tersteeg]

Ask them what referral fee they pay if you have a friend selling their home and you refer your friend to them (without prior arrangement).

 

[Scott No Mates]

In NSW, unless there is an agency agreement in place, the agent cannot seek to get a commission ie more fool them if they don't have an agreement when they list the property for sale. This rarely happens as they will not spend any money until you have greased their palm for the advertising $$.

 

[Propertunity]

No Agency Agreement. No Commission. Simple.

Referral fee not necessary unless you are feeling generous.

^ ^ this one.

 

[Colin Rice]

Coles/Myer vouchers are a great way to reward referrers. Tax deductible to boot.

 

[stay.classy.]

Coles/Myer vouchers are a great way to reward referrers. Tax deductible to boot.

^^I wasn't aware coles/myer vouchers were tax deductible.

So the Agency agreement is the most important thing here. No agreement=no $$
At one point the REA was added(by the buyer) during our initial 2/3 emails between myself and the buyer so he would have seen our negotiations. That means nothing i'm assuming??

Just want to cover all my bases here.

Thanks again

 

[D.T.]

^^I wasn't aware coles/myer vouchers were tax deductible.

So the Agency agreement is the most important thing here. No agreement=no $$
At one point the REA was added(by the buyer) during our initial 2/3 emails between myself and the buyer so he would have seen our negotiations. That means nothing i'm assuming??

Just want to cover all my bases here.

Thanks again

Did the agent introduce the 2 parties to the transaction or did they meet each other another way?

 

[Singo]

Did the agent introduce the 2 parties to the transaction or did they meet each other another way?

Even if the agent had introduced them, if there were no agreements, how can they demand for commission?

 

[stay.classy.]

Did the agent introduce the 2 parties to the transaction or did they meet each other another way?

Yes, the agent did introduce us. But, no formal agreement was signed.