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Buying a house off me mate

thequant
thequant Posts: 1,220 Forumite
in House buying, renting & selling
Been looking for a hosue for a while but not really got anywhere. Anyway speaking to a mate last night, I found out he has put his house on the market.

As I know the house and area, I would be quite happy to buy it off him.

I'm just wondering what is the situation regarding EA fees ?

i.e. as I didn't become aware of the property through any EA advertising, would he still need to pay the fees ?

Comments

  • Cara79
    Cara79 Posts: 580 Forumite
    thequant wrote: »
    Been looking for a hosue for a while but not really got anywhere. Anyway speaking to a mate last night, I found out he has put his house on the market.

    As I know the house and area, I would be quite happy to buy it off him.

    I'm just wondering what is the situation regarding EA fees ?

    i.e. as I didn't become aware of the property through any EA advertising, would he still need to pay the fees ?

    Depends what his contract with the EA says. In theory no he wouldn't have to pay EA fees, BUT if he's agreed to pay if a sale proceeds during the time your friend is in a contract with the EA then be will be liable.
  • maninthestreet
    maninthestreet Posts: 16,127 Forumite
    Part of the Furniture
    Let the vendor (your mate) worry about this.
    "You were only supposed to blow the bl**dy doors off!!"
  • thequant
    thequant Posts: 1,220 Forumite
    maninthestreet wrote: »
    Let the vendor (your mate) worry about this.

    If me mate doesn't have to pay any EA fees, then that is a usefull bargaining chip when negotitating the "mates rates"
  • tim123456789
    tim123456789 Posts: 1,787 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    thequant wrote: »
    If me mate doesn't have to pay any EA fees, then that is a usefull bargaining chip when negotitating the "mates rates"

    If the agency has "sole selling rights" then they will want their fee.

    If they are "Sole agency" then they they wont (wwll they still will want, but they wont be entitled)
  • somethingcorporate
    somethingcorporate Posts: 9,449 Forumite
    You could just ask him to take it off with the agency when the minimum term has expired and then buy it privately.
    Thinking critically since 1996....
  • Wyndham
    Wyndham Posts: 2,625 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    The other thing to be clear on is that it would be a business transaction, and you should behave as you would for any other business transaction. So, don't, for example, not have a survey 'becuase I'm buying off my mate' as you need to protect yourself.
  • Doshwaster
    Doshwaster Posts: 6,354 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    I'd be very wary about doing such a large financial transaction with a "mate" as so many things can go wrong.
  • pawlala
    pawlala Posts: 1,434 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    I agree. Do everything properly (including solicitors) and if you still want "mates rates" then ask them to drop the selling price accordingly.
    Mortgage free I: 8th December 2009!
    Mortgage free II: New Year's Eve 2013!
    Mortgage free III: Est. Dec 2021...
  • googler
    googler Posts: 16,103 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Never do business with friends, nor family
This discussion has been closed.
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