Collecting Real Estate Broker Commissions
- Posted on: May 26 2016
Solving a Client’s Recurrent Problem: Collecting Real Estate Broker Commissions!
We Helped Make It Easier for Our Client to Collect Real Estate Broker Commissions:
Our client, Talk of the Town Realty Corp., one of Brooklyn’s largest real estate brokers, was facing a common problem among real estate brokers in NYC. Talk of the Town, would show a potential buyer a property for the very first time. After seeing the property, the buyer would go behind Talk of the Town’s back and negotiate directly with the seller to buy the subject property, so as to get a better deal and a lower price on the property. Talk of the Town would be kept in the dark by his client, and not get paid a commission, even though the broker procured the buyer.
Held & Hines LLP worked alongside their client to put a plan together to minimize this problem. Held & Hines LLP drafted new documents for their client that would better protect Talk of the Town in the event one of their buyers purchased a property in which Talk of the Town was the procuring cause and took the matter up to the Appellate Division, Second Department in a real estate broker commission case defined as a “game changer” in real estate commission law.
To see the case, click here.