Brokerage Commissions Involving Real Estate and Commercial Mortgages
McDonnell Adels & Klestzick, PLLC represents real estate and commercial mortgage brokers in enforcing their brokerage agreements. Real estate and commercial mortgage brokers are granted an exception to the Statute of Frauds rule which requires a contract to be in writing to be enforceable if the dispute involves more than $500.00. This provides brokers a remedy in the absence of a written contract.
Brokerage Agreements Must Be Enforced When Commissions Go Unpaid
A party selling or renting a property may enter into a contract with a real estate broker. The broker will be entitled to a commission when the broker produces a buyer or lessee who is ready, willing and able to proceed with the sale or lease of the property. For a broker to earn a commission they must be the driving force behind closing the deal.
There are times when a broker may be entitled to a commission even if the sale did not close. In cases where the broker fulfilled all of the obligations, but the seller prevented the sale from closing, the broker may still be entitled to compensation.
Providing the Finest in Legal Representation and Customer Service
We believe in a proactive and cost-effective approach to serving even the most complex of our client's legal needs.
At McDonnell Adels & Klestzick, we provide our clients with the finest in legal representation and customer service. We believe in a proactive and cost-effective approach to serving even the most complex of our client's legal needs. For more information about Brokerage Commissions or any of our practice areas, call us at 516-328-3500.