Q: I signed a NDA and Purchasers Agreement for Commercial Real Estate & the Landlord is telling me not to deal with Broker
I had to sign the NDA prior to getting the complete full listing of the Commercial Retail space. After that, I then initialed the Purchasers agreement, and the Broker told me that I had two weeks after acceptance from the Seller to back out or terminate the deal then I could. Well I haven't received whether the Seller accepted the offer but I decided to terminate the deal today after the Landlord reached out to me and stated that I should not deal with the Business Broker because he is trying to make money off of me and that I should deal with the Landlord directly. I don't know who to believe. I also would like to know if the NDA will hold me to legal action if I pursue the deal with the Landlord directly. Keep in mind, I did not choose this Business Broker. This was the agency that listed the business for sale, They provided minute details until a NDA was signed for a purchaser to find out more information on the business in the Listing
A: It depends on what the Non -Disclosure Agreements says. Usually in a commercial brokerage agreement there will be some provision dealing with Non-Circumvention of the broker.
Once listings or buyers agreements are endorsed with a broker, the signor may be obligated for a sales commission even if the broker was not directly involved with the final transaction. You need to provide the documents to a competent real estate attorney for further review.
For more details visit www.provenresource.com
Kenneth V Zichi agrees with this answer
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