Commercial contract

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What is the name of your state? Ohio
We have a commercial property that we put up for sale with a realtor in May. At that time we signed an agreement on a certain commission for the property, which also stated that if another realtor was involved they would also get a commission. My question is that it ended up being the realtor who we listed with who bought the property from us, and he wants us to pay both commissions. He wrote up his offer in August. I feel we should only have to pay one commission, the one agreed upon to him in the first place. He says that since he is both the buyer and the broker that he should receive both. Can anyone give me further information on this matter?

Also, when it comes time for the closing, who pays what fees? He is telling me that we will have to pay a fee for a title inspection and insurance. I thought that the purchaser usually pays those costs. The reason I am writing this post is because I am not fully sure that our realtor is doing what would be of our best interest, since he is the one purchasing the property and representing himself.

Thank you.

 

[Bigfoot]

Commercial Contract

If your Realtor is working under a managing broker, tell him you want an appointment with that person for clarity. Generally in the commercial sales I'm familiar with, the Buyer pays commission to their own realtor for finding the property. In residential the Seller pays both. Also in residential, the Buyer pays for title insurance and any insurance.

Unless stipulated in your contract, your Realtor could claim both, however get more clarity before moving ahead, especially if the wording that 'if another Realtor is involved you pay their commission.

Also, did you sign a Dual Agency Agreement, giving the listing agent the right to list and sell this property?

If this Offer was made in August, find out if he has taken it off the market during this time of negotiation. You do have the right to refuse his offer. And you also want to know all of the marketing measures he used to list this property so that you are insured that the availability has been known to as large a group as possible.