Introduction Fee
Discussion
Hello
Would value anyone's opinion...
Recently sold a number of blocks of flats. Was introduced to someone through a friend of mine.
This person then negotiated a price I was happy with a buyer. Our verbal agreement was once completed I would pay him xxx. It was also agreed that the proposed sale would remain confidential as I didn't want anyone knowing.
The reason being nothing was signed nor any deposits taken as the deal could of easily fell through.
My son was the first person to hear about it and I lied and said it was rumours.
It transpired that he allowed knowledge of the sale ( not knowingly) to become public knowledge. He apologized for it and said he'd left all the paperwork in his van and lent it to a friend who obviously read it and knew me, but the damage was done.
Ended up with several tenants and my handyman who had been with me years asking, and again I had to lie as nothing was signed legally and the deal could of easily fell through.
I'm not in to shafting anyone but feel that some sort of recompense should be negotiated.
I'm meeting up with him as he's pestering to be paid.
Ps it's 10s of thousands ......
Would value anyone's opinion...
Recently sold a number of blocks of flats. Was introduced to someone through a friend of mine.
This person then negotiated a price I was happy with a buyer. Our verbal agreement was once completed I would pay him xxx. It was also agreed that the proposed sale would remain confidential as I didn't want anyone knowing.
The reason being nothing was signed nor any deposits taken as the deal could of easily fell through.
My son was the first person to hear about it and I lied and said it was rumours.
It transpired that he allowed knowledge of the sale ( not knowingly) to become public knowledge. He apologized for it and said he'd left all the paperwork in his van and lent it to a friend who obviously read it and knew me, but the damage was done.
Ended up with several tenants and my handyman who had been with me years asking, and again I had to lie as nothing was signed legally and the deal could of easily fell through.
I'm not in to shafting anyone but feel that some sort of recompense should be negotiated.
I'm meeting up with him as he's pestering to be paid.
Ps it's 10s of thousands ......
not hugely clear what you are saying and what happened with your son / the other chap...
however, assuming that basically other chap brokered a deal, and should have kept quiet, but through them it became known...
unless you have a contract with specified penalties for disclosing the information, (even a verbal contract), then I am not sure where you are going with this - presumably residents and handymen would have known about the change of ownership once the deal was done - the only reason for silence was to minimise the risk of the deal not happening / impact if it fell through but was known that you were selling... but the deal is done, so no longer an issue...
pay the agreed commission - and think twice about whether to use that person again in the future - talk of recompense when you have not suffered suggests that you are trying to have your cake and eat it - wanting to not pay him - do the ethical thing and settle the debt you agreed by paying him the full commission...
however, assuming that basically other chap brokered a deal, and should have kept quiet, but through them it became known...
unless you have a contract with specified penalties for disclosing the information, (even a verbal contract), then I am not sure where you are going with this - presumably residents and handymen would have known about the change of ownership once the deal was done - the only reason for silence was to minimise the risk of the deal not happening / impact if it fell through but was known that you were selling... but the deal is done, so no longer an issue...
pay the agreed commission - and think twice about whether to use that person again in the future - talk of recompense when you have not suffered suggests that you are trying to have your cake and eat it - wanting to not pay him - do the ethical thing and settle the debt you agreed by paying him the full commission...
It does feel like you are looking for a reason to save some money rather than seeking compensation for a legitimate reason to be blunt.
Other than you feeling you had to lie to your family and other associates I don't see any real loss here unless i'm missing something and you should pay whatever fee was agreed, it's all my opinion though and has no legal standing.
If it was me I would likely make a point of not dealing with said person again on any future business deals.
Other than you feeling you had to lie to your family and other associates I don't see any real loss here unless i'm missing something and you should pay whatever fee was agreed, it's all my opinion though and has no legal standing.
If it was me I would likely make a point of not dealing with said person again on any future business deals.
Jamescrs said:
It does feel like you are looking for a reason to save some money rather than seeking compensation for a legitimate reason to be blunt.
Other than you feeling you had to lie to your family and other associates I don't see any real loss here unless i'm missing something and you should pay whatever fee was agreed, it's all my opinion though and has no legal standing.
My thoughts as well tbh.Other than you feeling you had to lie to your family and other associates I don't see any real loss here unless i'm missing something and you should pay whatever fee was agreed, it's all my opinion though and has no legal standing.
One reason for Non-disclosure requests in business is to prevent a 3rd party hearing about it and queering the pitch. That didn't happen so it's irrelevant that news leaked out.
akirk said:
not hugely clear what you are saying and what happened with your son / the other chap...
however, assuming that basically other chap brokered a deal, and should have kept quiet, but through them it became known...
unless you have a contract with specified penalties for disclosing the information, (even a verbal contract), then I am not sure where you are going with this - presumably residents and handymen would have known about the change of ownership once the deal was done - the only reason for silence was to minimise the risk of the deal not happening / impact if it fell through but was known that you were selling... but the deal is done, so no longer an issue...
pay the agreed commission - and think twice about whether to use that person again in the future - talk of recompense when you have not suffered suggests that you are trying to have your cake and eat it - wanting to not pay him - do the ethical thing and settle the debt you agreed by paying him the full commission...
Think I'm gonna agree with you however, assuming that basically other chap brokered a deal, and should have kept quiet, but through them it became known...
unless you have a contract with specified penalties for disclosing the information, (even a verbal contract), then I am not sure where you are going with this - presumably residents and handymen would have known about the change of ownership once the deal was done - the only reason for silence was to minimise the risk of the deal not happening / impact if it fell through but was known that you were selling... but the deal is done, so no longer an issue...
pay the agreed commission - and think twice about whether to use that person again in the future - talk of recompense when you have not suffered suggests that you are trying to have your cake and eat it - wanting to not pay him - do the ethical thing and settle the debt you agreed by paying him the full commission...
condor said:
You didn't have to lie, you chose to lie. You could have said that it was confidential information.
As the deal otherwise went through then the payment is due.
Next time, have it written in a contract.
No I didn't have to lie. However if I had said it was confidential information that in itself says they are being sold and I didn't want to worry people unnecessarilyAs the deal otherwise went through then the payment is due.
Next time, have it written in a contract.
Badda said:
Needing to lie to people you value says a lot about your involvement in this and coupled with the fact you're now seeking recompense for no monetary loss leads me to draw some unsavoury conclusions.
My involvement was I didn't want to worry people unnecessarily as a deal is never done till the fat lady sings. If he hadn't let the deal become public knowledge and broken my trust we wouldn't be having this conversation. Like I said previously to another poster I'll probably pay it... Feel free to draw any unsavoury conclusions .....
DaveA8 said:
without knowing you, based on what you write, it could be conceived that you realise that you've just agreed to pay someone 10's of thousands for what you consider little effort.
"my word is my bond"
Should have taken issue before the deal was done
Like I said in my original post I wasn't wanting to shaft anybody. I was happy to pay our agreed figure .... What I wasn't happy about was he had allowed the sale to become public knowledge. "my word is my bond"
Should have taken issue before the deal was done
I've just spoken to him and he knows he's dropped a b
k even though it was unintentional... Agreed to reduce our fee agreement by £5,000. He's still happy and I feel ok. He's still got £45,000. gregs1959 said:
Like I said in my original post I wasn't wanting to shaft anybody. I was happy to pay our agreed figure .... What I wasn't happy about was he had allowed the sale to become public knowledge.
I've just spoken to him and he knows he's dropped a bk even though it was unintentional... Agreed to reduce our fee agreement by £5,000. He's still happy and I feel ok. He's still got £45,000.
good outcomeI've just spoken to him and he knows he's dropped a b
k even though it was unintentional... Agreed to reduce our fee agreement by £5,000. He's still happy and I feel ok. He's still got £45,000. gregs1959 said:
Badda said:
Needing to lie to people you value says a lot about your involvement in this and coupled with the fact you're now seeking recompense for no monetary loss leads me to draw some unsavoury conclusions.
My involvement was I didn't want to worry people unnecessarily as a deal is never done till the fat lady sings. If he hadn't let the deal become public knowledge and broken my trust we wouldn't be having this conversation. Like I said previously to another poster I'll probably pay it... Feel free to draw any unsavoury conclusions .....
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