Q: The broker of a commerical property I am interested in has told me he will not present any offers to the current landlord until I have an offical purchase agreement that I have bought the existing business. The problem is, the current lease ends soon and we are working with the lawyers and franchise to speed up the process but all the equipment may have to be moved out if I can not make an offer to the current landlord. I thought it was illegal for a broker to withhold an offer to the owner/landlord under any circumstance. What are the legal requirements?
?Liz, Middleton, NJ
A: You did not mention if you working with your own broker, or using the listing broker of the commercial property. If not, I would recommend that you obtain your own buyer broker representation and that your offer be made by that broker in writing to the commercial broker. All written offers must be submitted to the sellers or landlords. If you are already working with an attorney, perhaps he can advise you on this as well with regard to efforts underway with the franchising.
JoyceM
Joyce Mitchell is a Realtor? with Mitchell & Associates Real Estate in Bigfork, MT.
A: As far as I know, its not illegal but could be un-ethical. Usually all offers have to be submitted to the seller unless the seller has given the Realtor instructions as to the specifics of offers he will consider. Such as, with a certain price range, so much money down, etc. I would contact the Realtor and ask if he has instructions from his seller not to submit your offer. If not, submit your offer contingent upon you purchasing the business and insist it be submitting or get a letter signed by the seller of a rejection.
Beverly Houlier is a Realtor? with Hilltop Chateau Realty in San Diego, CA.
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