Property Manger tenant purchase clause
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Property Manger tenant purchase clause
I have a property management contract which specifies we use our PM as the selling agent if selling to the tenant at a ‘TBD’ percent of the sale price. The clause also includes a term of 6-months in which we cannot sell to the tenant without owing the PM the same ‘TBD’ percentage. Since the percentage is not specified, and if we cannot agree on the percentage, does this void the contract and can we then sell to the tenant directly as a FSBO?
Asked on August 21, 2017 under Real Estate Law, Nevada
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
Yes, failure to agree on a percentage and include a percentage in the contract would most likely void the contract, or at least that provision of it. To be enforceable, a contract must include the material, or important, terms; if it does not, then there is no "meeting of the minds" or agreement as to those terms and there is no enforceable contract. Clearly, at least for purposes of whether to use the property manager as selling agent or compensate them for a sale, the percentage of sale price which triggers the obligation to the PM is critical or material; there cannot be said to be an agreement the PM as to this without specificying such percentage.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.