Q: A question on paying real estate commissions to a management company that was terminated.
I am selling a residential rental property to the tenant. I have a contract with the old management company that requires I pay them 6% if selling within 180 days of the lease termination, even though I brought the tenant to them. I terminated the lease early and had a new lease signed. I also terminated the management company for incompetence in handling our other rental properties. Does the 180 days go from the new lease or the expiration date of the old lease by the management company?
A: I strongly recommend that you consult with a real estate attorney. Your question cannot be answered without reviewing the contracts and other materials you mentioned, including correspondence between you and the management company. You can be sure that the management company will interpret its contract in the way most favorable to itself. You must be sure of your legal position and rights before you sell.
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