I heard about that some time ago. It IS shady and I hate anyone who preys on people who need quick cash.

Yes. Crazy sellers (non sellers actually!)

I glanced at the contract and it does say 40 years right there on the top of page 2. Which goes to show you that people don't read contracts unless they're sitting down with an agent.

I have not seen or heard of this in my area. It definitely sounds shady.

The contract you describe exists in quite a few businesses. If they disclose it, they risk losing you as a customer. If they don't disclose, it is defensible. I am reminded of predator-prey dynamics in just about everything and found everywhere and is no respecter of persons. Honest people, called opportunists are not so bad because you see them coming. It is the dark forces, hidden agendas and deceivers one has to pause & assess.

I have not seen it personally, but this was an article on our local network news stations a few weeks back.

Just another indicator that people have no idea what they're signing.

Nothing in my area that I am aware of. 

I recall someone mentioning this here in the Rain a few weeks ago. Feels predatory to me. 

It is hard to believe that someone would agree to that arrangement.  The article seems pretty one sided, though.  Did they seek out any homeowners that liked the services?  The main person featured had a lot more troubles than just signing up with this company and it is really hard to believe someone just forgets that they received money that they thought at the time was a "Godsend."  We do not forget things that are that important. 

The person featured in the article that received bad service is another matter.  It would be interesting to see how often that occurs.  If the service turns out to be terrible or non-existent, then that is a big problem.

I  sold a house off market about two months ago. A potential buyer sent me a horrible contract that was set up for the benefit of the buyer only.  For example, the contract stipulated that if the buyer backed out (for any reason), he would receive the deposit back automatically and that escrow did not need any other instructions.  There was plenty of other problems with it.  When I asked about the limitations of the contract (for my seller), he simply said, "It is an industry standard contract and we use it all the time."  I bet!  I made them use our CAR contract.  Of course, they backed out.   There are so many of these operators out there that use deceptive scripts and contracts.  It is one thing to be trained, like me, and face shady operators.  It is quite another to be an average person facing trained professionals.  How do you police it? Did that operator do anything illegal?  I do not know, but is was shady.  If the company in this article is being equally deceptive, then there is a big problem.

I do not like the way this company operates, but the people that use them share some to the responsibility. Even if they "forget," they are reminded that they signed a contract prior to being sued.  It does not say what the commissions are stipulated in the contract, but what we did see in the article looked reasonable. 

One other thing, the 40 year length is not buried in fine print.  It is under the main point two and pretty darn clear.  It is pretty hard to argue that anyone was duped on that point.

I have not run into this but did see this posted here several weeks ago.  You say this is legal in Florida? Not an attorney, nor do I play one on TV, but this seems to fall into the category of "unconscionable" and to include heirs who did not sign the agreement seems unenforceable to me.

I have not seen this. 

News to me.  does sound shady 

No I have not seen or heard about this. If I did I'd be so 'on it' if it was happening to someone we knew or had worked with whether in real estate or whatever.  Sleazy beyond sleazy.  I can't believe it would be legal here in AZ.

I don't remember that company name but I'm sure this is going on. Somewhere within 6 months this started.

Always read the fine print.

I had to deal with them on a property owner doing a refinance.  My title underwriter wanted their "agreement" released or subordinated.  Initially they were not willing to do so.  After several conversations with their principals, myself and the new mortgage lender, they agreed to release the agreement and record a new agreement with the owner after the refinance was completed. 

that's some serious shade, but legal.

It does make one wonder if this type of transaction would make a real estate brokerage more valuable with having a guaranteed income for the next 40-years!

I believe I heard about this but have not seen this happen or know about this happening in my area.  Although it may not be illegal -- it is underhanded, questionable and unscrupulous.

I think it is shady. I've also heard that when an owner does want to sell their house, then they get an agent who actually practices Real Estate to list it at a discounted rate. It feels like it is predatory and show have rules against it.

Have heard of the practice but never seen it applied in any areas I have been active in.

seems like they are a predatory bunch.  I don't like those kinds of people. 

It is for sure predatory. And since not everyone reads their contract or consult anyone on the paperwork, they likely get some ''need cash now'' sellers. I doubt, it would work in CA ~ we have too many hungry  lawyers. 

Very shady. People don't realize what they're signing and for how long.

Wonder how much the cash is?  Probably doesn't need to be much since the "broker" is going for the eventual listing. However, it must be enough to make someone sign that contract.  Figure they go after the elderly who may not last for another 40 years.  

Losers always look for shortcuts. Winners put in the work.

The level of lazy greed out there never ceases to amaze me.

My first thought is any Judge would throw this out of court for the length of the contract being unreasonable.  Secondly, I am always suspicious of any company, politician or anyone else that needs to buy their business.  I'm sure that most people that enter into this contract aren't aware of the length of contract.

I've never heard of it Karen Climer but nobody was doing this back when I was active. This is a good heads up to watch out for.

I've heard about it but haven't run across it other than just an article I read somewhere.  

I would be surprised to see this hold up in a Wisconsin court.

Can you imagine if your parents entered into such a agreement and you found out about it after they passed away.

Why would anyone lock themselves into a 40-year contract just to get some perceived fast cash up front?

In our State (PA) you are not legally allowed to list Real Estate for more than 1 year.

Forty years is a loooooong time! There are always opportunists looking for a pay day.

Our office title company shared this with us a while back. It's definitely a shady practice that can easily be avoided if people would just read their Contracts before signing!

It sounds like something the timeshare industry is behind with terms like that. "The big print giveth, and the fine print taketh away."