Property Manger tenant purchase clause

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Property Manger tenant purchase clause

I have a property management contract which specifies we use our PM as the selling agent if selling to the tenant at a ‘TBD’ percent of the sale price. The clause also includes a term of 6-months in which we cannot sell to the tenant without owing the PM the same ‘TBD’ percentage. Since the percentage is not specified, and if we cannot agree on the percentage, does this void the contract and can we then sell to the tenant directly as a FSBO?

Asked on August 21, 2017 under Real Estate Law, Nevada

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

Yes, failure to agree on a percentage and include a percentage in the contract would most likely void the contract, or at least that provision of it. To be enforceable, a contract must include the material, or important, terms; if it does not, then there is no "meeting of the minds" or agreement as to those terms and there is no enforceable contract. Clearly, at least for purposes of whether to use the property manager as selling agent or compensate them for a sale, the percentage of sale price which triggers the obligation to the PM is critical or material; there cannot be said to be an agreement the PM as to this without specificying such percentage.


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