Using Citi Habitats to rent apartment

I know that I am the dumb one here for using an agency to rent my apartment and for forgetting what I had signed away in my contract with Citi Habitats. But shouldn’t someone you hire have some sort of fiduciary responsibility not to cheat you, even if you are an idiot? A day after I sold my apartment, the agent texted me asking for over $100,000 in sales commissions. It turns out there was a clause in the contract (which I was aware of, remember striking out, but actually did not strike out) that states that they should receive a percentage of the sale. Moreover, any disputes would go to arbitration. So, there is no chance of winning the dispute. Crazy? Well, I had to pay up. The profits would have gone to my NGO, and now I have to close my school as a result.

storefrontstarlet

in About Brooklyn 9 years and 7 months ago

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resident2 | 9 years and 7 months ago

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It was probably discussed when you rented out the apartment, that if the tenant ended up buying the apartment then a commission was due for the sale. As you state it was clearly spelled out in the agreement that you signed. You had a choice, you did not have to sell it to your tenant. You could have put it on the open market and sold it to someone else or at least the tenant would have had to come up to pay a price that would have covered the commission in your budget. This is an example of when you try to avoid paying a Broker to sell your listing you get screwed. In this case you have to pay the commission and also probably did not sell it for as much as you could have, if you had asked the agent to negotiate the deal with your tenant.

mozeeatupu | 9 years and 7 months ago

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If you signed the contract and it’s clearly spelled out, your only recourse would be to try and renegotiate. But most likely you’d have to just pay up