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