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Report: #568726

Complaint Review: Capital 1 Commercial Group, INC - Farmington Hills Michigan

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  • Reported By: anonymous — Michigan United States of America
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  • Capital 1 Commercial Group, INC 34119 W. 12 Mile Road, Suite 203 Farmington Hills, Michigan United States of America

Capital 1 Commercial Group, INC, Greg Edgecomb,James Rizqalla Unethical Business Practices Farmington Hills, Michigan

*REBUTTAL Owner of company: Capital 1 Commercial Group is professional and ethical

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Capital 1 Commercial Group is a business brokerage company located in Farmington Hills, Michigan.  If you plan, to sell, your business Beware of their Listing Agreement. Capital 1 Commercial Group will SUE you if you dont comply.  Item 4 in their listing agreement is the most important.  I have Item 4 of their contract is below. A summary of what it says in lemans terms They charge 10% of the total purchase price or 12,500 whichever is greater.(A) If someone offers full price and terms you owe a commission.(B) If you sell, trade or close your doors you owe a commission.(C) If you terminate the listing agreement you owe a commission. (D) If you do something to mess up the sale you owe a commission. (E) For 2 years after the listing agreement expires you cannot sell to pretty much anyone without owing a commission. (F) If you violate any government codes (health, fire, OSHA,ect) you owe a commission.(G) If you lie about sales, gross income, cash flow, ect. You owe a commission.

The Owner agrees to compensate Broker an amount equal to Ten Percent (10%) of the total purchase price of the business and/or real estate and any rental income during the term of any lease term and any options to purchase that are subsequently exercised, herein set forth or agreed to by Owner and Purchaser, or a minimum of $12,500.00 whichever is greater, in full at closing, or immediately upon the occurrence of any event in paragraph 4 A, B, C, D, E, F or G of this Business and/or Real Estate Listing Agreement:

A) Broker or its agents procure a Purchaser during the term of this Listing Agreement and any extensions hereto, ready, willing and able to purchase or lease the business and/or real estate on the listed price and terms or on other price and terms acceptable to Owner.  It is mutually agreed and understood that at this point the Broker has fulfilled Brokers contractual obligation.

            B) Owner sells, leases, trades, enters into management agreement, partnership, or Purchase Agreement, or otherwise disposes or jeopardizes the availability of the business and/or real estate regardless of whether the Broker was responsible for such disposition.

            C) Owner withdraws or attempts to terminate this Listing Agreement prior to the expiration date.

            D) Owner fails or refuses to consummate a sale, complete a trade, enter into a lease, or complete any other disposition following the execution of an agreement to do so.

            E) Owner sells, leases, trades, or otherwise disposes of all or any part of the business and/or real estate within two (2) years to any person, organization, corporation, L.L.C., or other entity, its officers, shareholders, members, agents, employees, or relatives resulting from contacts, whether direct or indirect, showings, advertisements, referrals, or other efforts made by Broker or its agents who was disclosed or otherwise became aware that the business and/or property was available during the term of this Business and/or Real Estate Listing Agreement.

F) Owner fails or refuses to comply with the requirements of any governmental authority for corrections of violations within 30 days from notification.

G) Owners misrepresentation, fraud, failure or inability to convey title, neglect, procrastination, or refusal to perform the conditions of this Business and/or Real Estate Listing Agreement or any subsequent Purchase Agreement.

This report was posted on Ripoff Report on 02/12/2010 03:04 PM and is a permanent record located here: https://www.ripoffreport.com/reports/capital-1-commercial-group-inc/farmington-hills-michigan-48331/capital-1-commercial-group-inc-greg-edgecombjames-rizqalla-unethical-business-practices-568726. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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REBUTTALS & REPLIES:
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#1 REBUTTAL Owner of company

Capital 1 Commercial Group is professional and ethical

AUTHOR: Capital 1 Commercial Group, Inc. - (United States of America)

POSTED: Tuesday, March 30, 2010

Capital 1 Commercial Group, Inc. is the premiere Business Brokerage firm in the State of Michigan.  We have assisted thousands of buyers and sellers sucessfully buy or sell their businesses.  Almost always, buyers and sellers are very thankful for our efforts and recommend us to people who may want to buy or sell a business. A visit to our website, www.capital-1.biz will provide actual testimonials from sellers as well as the businesses we have for sale and have sold. Compensation for our services is based on our performance.  In the past, we have dealt with some unscrupulous people who have attempted to find a way to not pay us for our services once rendered.  As a result, over the years our Listing Agreement has been modified to close "loopholes" through which dishonest, unscrupulous sellers have manipulated the system to cheat Capital 1 Commercial Group.  While some of the posting are verbatem from our Listing Agreement, there are some exagerations and misstated items.  First, our Listing Agreement does not state "For 2 years after the listing agreement expires you cannot sell to pretty much anyone without owing a commission."  Instead, it states that if you sell to anyone who became aware that the business was for sale during the listing period for two years after the expiration date, we are owed the commission.  This prevents dishonest, unscrupulous sellers from making side deals to sell to someone we worked with and cheat Capital 1 Commercial Group out of commission that is due. 

In conclusion, we look forward to working only with honest, scrupulous buyers and sellers.  When someone like the anynomous author of this false "ripoff report" is dishonest and believes they are entitled to cheat and steal, we will indeed protect our interests by suing them if necessary.  Therefore, if someone has plans to cheat, steal, and circumvent their contractual obligations with Capital 1 Commercial Group, perhaps that individual should not deal with our company.

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