Legal Question in Wills and Trusts in Georgia
Can a real estate agent draw be considered a debt?
My company had advanced draws to one of our real estate agents throughout the course of the past five years. He recently passed away, and his draw balance is over $100,000. No loan documents had ever been written up; he had been slowly paying down his draw as he received sales commissions. Would the company qualify as a creditor in order to claim these funds from his estate?
2 Answers from Attorneys
Re: Can a real estate agent draw be considered a debt?
The company can certainly qualify as a creditor. Proving that the advances were a loan, subject to being repaid may be difficult, but maybe the course of conduct of his making payments can be used to establish that he recognized his obligation to repay the money. Consult with a local attorney.
Re: Can a real estate agent draw be considered a debt?
Yes, it can be. Whether it is in your case is a different situation. The lack of documentation is certainly a problem. The second issue is whether there are funds in the estate, and how much other debt there is.
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