Legal Question in Real Estate Law in Illinois

Who Pays Errors & Omissions Insurance?

My contract with my broker states that Errors and Ommissions will be paid out of my first closing. I am leaving the company without having closed on a transaction. Am I still responsible for this insurance cost?


Asked on 1/07/08, 3:47 pm

2 Answers from Attorneys

Re: Who Pays Errors & Omissions Insurance?

Probably. This is simnilar to a commission salesman who gets a draw. However, usually, it is waived as a matter of practice.

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Answered on 1/07/08, 4:08 pm
Joseph Michelotti Michelotti & Associates, Ltd.

Re: Who Pays Errors & Omissions Insurance?

No, nut you may be liable if you close a transaction that was first started under the old company.

Please feel free to use these resources:

email: [email protected]

web: www.michelottilaw.com

blog: blog.michelottilaw.com

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Answered on 1/07/08, 11:57 pm


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