Hired a realtor to sell a business. Had a deal but the deal fell through

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Hired a realtor to sell a business. Had a deal but the deal fell through

I hired an agent who got us a buyer. That deal
fell through due to the buyer being unable to
sell their property. The contract with the agent
expired and we did not re-list the property.
About a month or two later The prospective
buyer found a new buyer for his property and
once again wants to buy mine. Am I obligated
in anyway to the realtor? Business is in NJ

Asked on August 1, 2016 under Real Estate Law, New Jersey

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

Yes: since the realtor introduced the buyer and was the realtor when the buyer saw the property, if he buys it now, you still have to pay the realtor; a person can't escape paying a realtor for work he or she did simply by waiting until the contract expires and then closing or consummating the sale. If you had a different buyer who had never worked with realtor, you would not have to pay, of course; but you can't go back to a buyer who saw it with the realtor without paying the realtor.


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