What is the name of your state? MD
I have a rental property. The owner-management agreement with the property manager has a x% fee clause to be paid to the agent that I hired to find the tenant (on the top of the one-month lease commission). Here is the exact clause.
Owner agrees to pay Agent a sales commission equal to x% of the selling price of the property if, during the term of the tenancy or within 120 days after tenant vacates, Owner sells or agrees to sell Property to tenant or exchange or agree to exchange it with tenant for other property of any kind and wherever located. Owner understands and agrees that the sales commission provided for herein shall be due according to the terms herein regardless of whether this property management agreement is terminated prior to the sale or exchange of Property. The purpose of this paragraph is not to solicit a listing of the property. This provision does not grant the tenant any right to purchase the Property, nor does it authorize Agent to offer the Property for sale.
Q: If the current lease ends on 1/31/2019, and I manage it on my own after 1/31 with the same tenant. And the tenant approaches me on 3/1 and ends up purchasing, will I still pay x%? Does the term of the tenancy extend beyond the current lease agreement?
I have a rental property. The owner-management agreement with the property manager has a x% fee clause to be paid to the agent that I hired to find the tenant (on the top of the one-month lease commission). Here is the exact clause.
Owner agrees to pay Agent a sales commission equal to x% of the selling price of the property if, during the term of the tenancy or within 120 days after tenant vacates, Owner sells or agrees to sell Property to tenant or exchange or agree to exchange it with tenant for other property of any kind and wherever located. Owner understands and agrees that the sales commission provided for herein shall be due according to the terms herein regardless of whether this property management agreement is terminated prior to the sale or exchange of Property. The purpose of this paragraph is not to solicit a listing of the property. This provision does not grant the tenant any right to purchase the Property, nor does it authorize Agent to offer the Property for sale.
Q: If the current lease ends on 1/31/2019, and I manage it on my own after 1/31 with the same tenant. And the tenant approaches me on 3/1 and ends up purchasing, will I still pay x%? Does the term of the tenancy extend beyond the current lease agreement?