Rental question - help please

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fin

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The broker who helped looked for a tenant for a condo unit owned by my dad is asking for her commission for the one year rental, which is the same amount as the monthly rental (20k per month, this is not in the Us so not USD).

I asked what if in the event the tenants do not complete their 1 year contract, but she hasn’t given me an answer on that.

If we give her the commission already, my understanding is if the tenant doesnt finish the contract, she will have to return to us the amount that wasn’t used up. Is that correct?

For example, if is 20k, if they just stayed for 6 months, so the commission should just be 10k.

Does anyone here have experience with real estate rentals and the like? Anyone knows?

I was going to ask in other real estate groups but she’s also a member.i just want to be clear before explaining it to her, and paying her commission.

Thanks for the help in advance.
 
Unless specifically stated in writing then there is no such guarantee. If the tenant doesn’t stay a whole year you are simply out of luck. Such is the risk of these activities
 
HerCrazierHalf said:
Unless specifically stated in writing then there is no such guarantee. If the tenant doesn’t stay a whole year you are simply out of luck. Such is the risk of these activities
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Yes, unless you have some sort of written agreement with her that says you get something back.

I have never heard of the broker having to give commission back. But perhaps the law is different in Fin’s country. Still, something should be in writing. Either she gets something for every month they stay, or it is a one time fee and that is it.
 
It all depends on the laws of the country where the contract is made. As a long time landlord, I know in the US the agent will typically receive the first month’s rent on a yearly lease and they are out of the picture unless they are managing the property. The signed lease will typically give the landlord legal options should the tenant fail to pay over the full term of the lease. Of course, different states have different laws, some tenant friendly and some landlord friendly.
 
We are not permitted to give out legal advice, real estate law would be included.
 
But it’s not advice. Just pointing out laws differ. Obviously the OP should refer to the laws in their own country and get proper advice if needed.
Definitely not seek advice on an Internet forum.
 
Beyond the legal aspect, I find that maintaining a good relationship with your tenants goes a long way to avoiding most things spelled out in law. There’s a few parallels in the tenant-landlord relationship to other relationships. Choose wisely, treat kindly.
 
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