Legal Question in Real Estate Law in New York

Real Estate Attorney bootstrapping clients to particular mortgage broker

Which ethics rule, if any, is a real estate attorney violating when he requires in the Contract of Sale for purchase of a house that his purchaser-client use only one particular mortgage broker?


Asked on 6/20/00, 12:25 pm

1 Answer from Attorneys
Walter LeVine Walter D. LeVine, Esq.

Re: Real Estate Attorney bootstrapping clients to particular mortgage broker

You may not be violating an ethics rule, unless you have an arrangement to split the commissions or get fees for the placement. However, you do run the risk of an ethics violation and/or a malpractice claim if the referral is not competitive with market costs. To be safe, I recommend you not link yourself to one particular broker.

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Answered on 8/30/00, 11:27 am


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