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Refinance

Real estate transactions often involve valuable property rights, nuanced legal paperwork, and large sums of money changing hands. Broker Commission disputes can occur in a multitude of ways. Commonly, agents representing a transaction agree to split the commission on the listing. However, when these deals are agreed upon orally or even when they are recorded in writing, conflicts can transpire. In such cases, it is vital to have a strong legal advocate to resolve these disputes.

In order to succeed on a broker commission dispute, a broker must demonstrate that he or she is the procuring agent in the transaction. The procuring agent is defined as the agent who ultimately leads the buyer to purchase the property (i.e. he/she who is entitled to the commission). While this may seem straightforward, a number of different factors and actions may lead to the final purchase of property, including open house showings, price negotiations, etc., presenting the issue of who played the biggest role in the purchase of the property.

Disputes also arise if a deal closes after the term of the commission agreement. Real estate brokerage contracts often include “tail” provisions in order to cover the rights of both parties following the conclusion of the contract. This provision may maintain the broker’s right to a commission in the case of any transaction taking place after the end of the contract (with any of the leads he or she has generated). If one of said leads results in a sale after the contract has ended, the broker may be entitled to a commission. This type of provision is commonly disputed, emphasizing the importance of an experienced real estate attorney in your corner.

Buyers are advised to contact only their own agents to see a property and not share information with other agents. If agents decide to collaborate on a deal or arrangement, they should clearly outline the transaction into writing. Furthermore, state and local associations offer mediation and arbitration services as possible alternatives to litigating commission disputes, contingent on all parties agreeing to submit to dispute resolution voluntarily. If the agents cannot reach a final agreement over the allocation of commission, and alternative dispute resolution is not a viable option, a local civil court may maintain the final jurisdiction over the dispute.

Litigating said dispute often requires the use of top-tier legal representation. Held and Hines is determined to utilize our experience in real estate litigation and passion for justice to protect the interests of our clients, including real estate brokers. No matter the nature of your dispute, we will be there to help. A thorough understanding of real estate property and broker commission law is crucial to success in these types of cases.

Held and Hines has a proven track record of success in commission dispute litigation. If your real estate brokerage commission dispute involves:

  1. A dispute over a real estate brokerage contract
  2. A seller who won’t pay the agreed-upon commission
  3. A broker or real estate agent from another firm

Refinancing is the process of replacing an existing loan or debt with a new one, often with a more favorable monthly payment and interest rate. You can refinance a home loan, an auto loan, or almost any other type of debt. If your existing loan is too expensive or risky, or your financial circumstances have improved since you first borrowed the money, more beneficial loan terms may be available to you. Refinancing usually involves maintaining or even increasing your original loan balance, extending the payment period (term), lowering your interest rate and potentially paying closing fees (dependent on the type of loan).

It is not recommended that you refinance a mortgage on your own and without legal representation. Hiring an experienced refinance attorney that can advocate and advise you on your refinance may avoid costly mistakes.

The first step in refinancing your home loan should be to examine your current mortgage. Check if there exists a prepayment penalty and know your current interest rate. It is also wise to examine your budget and analyze how much you may feasibly pay month to month. Once the specifics of your current mortgage are sorted out, you will want to shop for a new one. It is important to identify the following:

  • What type of refinance option are you looking for? Cash-out, rate-and-term, etc.
  • What will the loan-type be? Adjustable rate or fixed rate?
  • What will the length of your new mortgage be?
  • What will be your new mortgage rate?
  • Are there any closing costs involved?

Having an attorney assist you through this process is highly recommended. An experienced legal expert can help you avoid scams or entering into costly, unfair loan terms. Predatory lenders may entice potential borrowers with low interest rates, but fail to inform about the mounting costs and fees involved in their deals. Additionally, a heavy amount of paperwork is required in refinance, including tax returns, W-2’s or 1099’s, bank statements, proof of income, etc. Common red flags that you may be entering a predatory loan include (but are not limited to):

  • The offer is too good to be true. If the lender promises to fix all of your financial worries, there is likely a catch in the fine print that you will not be aware of until it is too late.
  • You are not told a definitive cost for the loan. If the lending company’s website or representative does not provide clear parameters for the actual cost, it is most likely incredibly inflated for their benefit–not yours.
  • The lender doesn’t do a credit check. If the lender does not look into how you have handled debt in the past, it is likely because they hope you cannot make your payments and have to continue building on your loan.

In any case, the law firm of Held and Hines can help you with your refinance. The complex interplay of legal concepts and conflicts endemic of refinance is not something you should navigate alone. It is highly advised that you employ the services of an experienced refinance attorney.

For excellence without compromise, contact Held and Hines today.

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