Help with a contract

[hsmama23]

What is the name of your state (only U.S. law)? Washington

We sold our home on a lease/option about a year ago, and with the declining home prices, our home has lost value. Our old real estate agent helped write up the contract, but did not show the property, or negotiate the deal in any way. If I write up a new contract with the tenants I now have in the home, and the lease goes on another year or so, will I still have to pay my old agent? We were not very happy with the way that she handled things before.

Thanks

[Zigner]

What does your contract say? (I'm willing to bet you'll owe the agent money)

[hsmama23]

It says that if the home sells to the tenants within 18 months, she will receive a commission. She wrote it up on the day before her contract with us was to expire, and we told her we would not sign an extension.

[Zigner]

Originally Posted by hsmama23

It says that if the home sells to the tenants within 18 months, she will receive a commission. She wrote it up on the day before her contract with us was to expire, and we told her we would not sign an extension.

So, in your SIGNED contract with the agent you agreed to pay a commission if a certain thing happened (the sale of the home), but you don't want to pay the commission now that the sale has happened. Do I understand things correctly now?

EDIT:
Or, are you trying to say that you have tenants who have the option to buy the home at as later date? If that's the case, then it sounds like you're ok if you can just wait it out. Run it by an attorney.

[hsmama23]

Well, when we wrote up the contract with the tenants, we were still under contract with her. She wrote up the contract, so that she would be paid when it sold to these tenants. The value of the house has declined dramatically, so the tenants cannot get a loan for the previously agreed upon price. We will have to wait if we want to receive the agreed upon price, and IF the tenants still want to wait, they will sign a new contract. Not an extension of the old contract. I realize that we may be waiting for some time, with the market and all, but I am willing to hold out.
Thanks

[HomeGuru]

Originally Posted by hsmama23

Well, when we wrote up the contract with the tenants, we were still under contract with her. She wrote up the contract, so that she would be paid when it sold to these tenants. The value of the house has declined dramatically, so the tenants cannot get a loan for the previously agreed upon price. We will have to wait if we want to receive the agreed upon price, and IF the tenants still want to wait, they will sign a new contract. Not an extension of the old contract. I realize that we may be waiting for some time, with the market and all, but I am willing to hold out.
Thanks

**A: it does not appear tha you would owe the commission if the property was sold after the 18 month period has elapsed.