Legal Question in Real Estate Law in Florida
Real Estate Commissions
At what point is a real estate commision deemed earned. If the seller defaults, is the broker entitled to a comission having brought a buyer ready, willing & able
2 Answers from Attorneys
Re: Real Estate Commissions
Depends upon the contract.
Re: Real Estate Commissions
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This is governed by the terms of the Contract for Sale and Purchase and the Listing Agreement. Having said that, most of the "standard" contracts do require the Seller to pay a commission to the broker if the broker provides a buyer who is ready, willing and able to purchase the property upon the price, terms and conditions set forth in the listing agreement, if one is in effect. The contracts and listing agreements also provide for attorney's fees to be paid if litigation is required in order to enforce this provision.
Scott R. Jay, Esq.