Can the personal representative of an estate charge a "finder fee" on the sale of estate property?

Question

I am the P. R. of an estate. The estate owns a piece of property and I want to know if I bring a cash buyer for the property can I accept either at or outside of closing some kind of "finder fee"; "broker fee"? I am in Florida, if it makes a difference.

Answer 1

Absolutely not, unless (A) you are a licensed real estate broker and (B) you have a pre-existing written agreement to do so signed by every estate beneficiary from whose interest the commission would be paid. As a P.R. you CAN seek additional P.R. fees for extra services to the estate involving sale of real estate that either the beneficiaries expressly consent to in writing or that a court allows on application after notice to the beneficiaries. Such additional fees must be based on such factors as additional time and liability over & above the routine duties of a P.R., not on a percentage of the sale price -- which would constitute a commission.

Answer 2

If you are the executor listed on the estate the only way you can claim a fee above and beyond what you commonly will get as executor would be if you had a broker's license and actually "sold" the property as a Realtor yourself.

Answer 3

My husband and I just drew up a will, and have a wonderful person as our executor, who will handle everything for us. In the will, we stated that under no circumstances was she to be paid anything for doing this.
She knows that our home will be put on the market once my husband and I die, and unless she herself were a Realtor, she would get nothing from the sale, no matter what.
Infact, both you and the first answer brought up good points. I will take this up with our attorney when we see him next.

Answer 4

In my adventure belongings agent's agreements have consistently been no sale no value, in spite of who pulled out, while, and why. although, as cases are actually tougher they could have tightened up somewhat. To a layman this clause sounds such as you're reliable in case you pull out while there's a client who has made an grant and prepared to proceed. although, the criminal definition of "waiting, prepared and able" is a lot stricter, and the define that asserts the customer must be "arranged and able to interchange" tallies with this. this suggests they must have carried out each and all of the searches, had a survey/valuation, won an corporation loan grant (or otherwise have the funds arranged), and a settlement ought to have been agreed between you and them so it particularly is able to be signed and exchanged. in spite of in the event that they are rather prepared, till a number of those issues have been carried out the customer isn't, via definition, "waiting, prepared and able" so which you will have no criminal duty. yet tell the agent ASAP and tell your solicitor to provide up engaged on the case. Btw, ignore approximately the different solutions conversing with reference to the customer suing for particular overall performance. decrease than English regulation till you have exchanged written contracts no longer something is binding between a broker and client.

Answer 5

Ask the judge. I suspect the judge will say no.