An agent listed a condo with a rental furnace. Brokerage remarks state furnace is rental $90 month.
Offer did not include the rental and both agents missed it, supposed to close tomorrow and buyer’s lawyer 2 days ago said we are not closing until the contract is paid out $10,000 buyer’s agent and lawyer refuse to help out.
Is listing agent and seller solely responsible?
I would question your assumption that “both agents missed it”. If the Buyer wanted it paid out, how would the Agreement of Purchase and Sale be any different? The contract was intended to have this paid out on closing. Why are the Buyer’s lawyer and the Buyer’s agent involved?
The Seller has to pay it out on closing. That’s what the contract says. The Seller might blame this issue, in whole or in part upon his own Agent. If that is the case, then the Listing Agent would be called upon to pay. I don’t see any evidence of an error on the part of the Buyer’s agent.
You don’t need any reference to the furnace as a fixture. It became a fixture upon installation. It is secured by the first mortgage. It is not secured by a rental agreement. The Seller owns it.
Brian Madigan LL.B., Broker