We have received numerous requests to create verbiage to include in a short sale addendum that requires the Buyer to cover any commissions that may be reduced by the seller’s short sale lender. We have created the following language if you have a similar situation:
“If and to the extent any Lender Approval requires the real estate agent(s)/broker(s) associated with the subject transaction to reduce their commissions below six percent (6%) of the Purchase Price in the aggregate, then at closing, Buyer hereby agrees to pay the amount(s) by which the commissions were so discounted below six percent (6%).”
Should you have any questions or suggestions, please contact our office at 941-954-9991
Written by Attorney Evan N. Berlin, Esq. Partner with Berlin Patten, PLLC.
Posted By Karen Gagliardi, Business Development Coordinator with Berlin Patten, PLLC.