is there a commission of a sale of propertybetween friends with no real estate agency involved

Question

is there a commission of a sale of property

between friends with no real estate agency involved

Answer

If neither of you hired a real estate agent or broker, there would be no commission you would need to pay. I would suggest you hire a real estate attorney, however. The cost is minimal compared to the cost of correcting any errors made at this point. If the deed is not prepared correctly, or there are liens which are not addressed, both parties could have expensive problems to fix in the future.

Answer

Attorney Moens' answer is right on point. There are far too many details that should be properly addressed. Without counsel, the buyer may not learn of an issue until a later sale or refinance. Calculation mistakes may not be discovered for some time. The friendship could suffer when these details eventually come out.

Also, I am a little concerned why you are even asking about commission if "no real estate agency involved." Is it that no agency was involved with the property at all or just that no agency was involved in bringing the two of you together. Any broker involvement in the last few years should be reviewed.

Answer

I agree w/ Mssrs. Moens & Repay, but more simply, are you worried about something, or do you want to achieve something -- like reduce profit, shift some tax liability? See an attorney if you're trying anything along those lines and, to retain a friendship. If, however, you mean whether or not a friend can help you sell real estate or vice versa, technically no.