Cincinnati Realtor® Get Commission If I Enter Into A Lease To Own Arrangement?” />
Q: I have had a Cincinnati Realtor® helping us find a home in Norman, Oklahoma. I may have found a place and I’m considering a lease-to-own option. I really like my Cincinnati Realtor® and appreciate all he has done for my family. I am pretty sure he would get his commission, however, I would like positive confirmation and also want to know if he gets paid after the agreement or does he have to wait for the house to be purchased and closed on by me, the buyer?
–RoboCop, Lake Tenkiller, OK
A: It is likely that your Cincinnati Realtor® would not get paid, even when the house is purchased down the road.
Let me add, that I discourage all clients not to purchase rent-to-own homes. Statistically, it has been shown that it will likely lead to never purchasing the “optioned” home and losing a lot more cash than just “straight” leasing any other home and buying another in the future when your financial situation is better.
There may be a small chance that the seller is willing to pay some small amount for bringing a renter to the home, but this is something the agent would need to figure out.
Adam Aguilar is a Cincinnati Realtor®® with Reliantra in West Toluca Lake, CA.
A: Generally speaking, if the lease is offered by a broker, your Cincinnati Realtor® will be paid a commission based on a percentage of the total rent per month paid over the term of the lease when the lease is signed by the lessee.
If the lease is converted to a sale, at some point in the future, your Cincinnati Realtor® should customarily be awarded a commission based on a percentage of the sale price when escrow closes on the sale.
This is all dependant of course on the listing agent’s contract with the seller. Check with the seller’s Cincinnati Realtor® for a definite answer.
Lee Dworshak is a Cincinnati Realtor®® with Keller Williams LA Harbor Realty in Rancho Palos Verdes, CA.
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