Legal Question in Real Estate Law in New York

Commission to Real Estate Agent - Obligation
The agreement made with real estate (RE) CompanyX to sell my NYC condo states, ''You have employed CompX as a RE broker with exclusive right to sell the above captioned apt. CompX is authorized to solicit the cooperation of other licensed RE brokers who will act as agents for the prospective purchasers, and to work with them on a cooperating basis for the sale of the above apt. If the apt is sold pursuant to this agreement, whether to a Purchaser or to the Board of Managers who has exercised its right of first refusal, including a sale to the Lessee, CompX�s commission to be paid to you shall be six (6%) percent of the total sale price of the apt. In the event another licensed RE broker solicited by us is involved in this transaction, Company X shall pay the cooperating broker a commission by separate agreement with such broker and in no such event shall the commission paid by you exceed 6% of the selling price. NOTE: If Rich locates a buyer without the cooperation of another broker or firm, the commission shall be 5% of the contract price:'' Rich, our agent, works for CompX. Another agent from CompX brought a buyer to Rich. Since the 2 agents are from the same CompX, am I obligated to pay a 6% or 5% commission to CompX?

Asked on 3/10/03, 9:29 am

David Slater David P. Slater, Esq.

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Re: Commission to Real Estate Agent - Obligation

Since Rich did not bring the buyer the commission is 6%. If Rich was both buyer and sellers agent it would have been 5%.

Answered on 3/10/03, 11:07 am

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