Help
iam trying to buy a hotel and apartments, and have entered into a managment /co ownewr where me and the owner split everything for a year than i have the option to buy with payments applied minus 5.8% interst my problem is that fair market value is 221,000.00 and they are asking 450,000 also the building is 125 years old is there any law that governs amout of profit they make????
i never said i was going to give there asking price, but what if they wont budge. can i seek legal recourse, breach,
hmmm...If the agent you met with asked you to sign a confidentaility agreement with the no agent clause, then he may just be a transactional agent or he could be a sponsor of the investment group and does not want to share his commisssion (or may not be paid a commission and is just given ownership instead). I have to disagree for once with CommercialKing because not all commercial agents will co-op their commission.
At any rate, you should try to find a good local commercial broker for future deals. Good luck!