Legal Question in Real Estate Law in New York
Real Estate Commision
I am a licensed Real Estate Broker my buyer signed a $42,000 commision agreement , they closed today on the property. The buyer only wants to pay me $18,000 what do i do ?
can I put a lien on the property ? should I get a lawyer to file a lawsuit?
Asked on 7/21/08, 3:25 pm
1 Answer from Attorneys
Michael Markowitz
Michael A. Markowitz, PC
Re: Real Estate Commision
It is my understanding that under section 10 of the Lien Law a broker only has a lien on leased property, not sold property.
I believe that most brokers have an arbitration clause in their contract with the owner. Arbitration is fast and relatively painless. You must look toward your contract to see if there is an arbitration clause.
Should you get a lawyer? I think $42,000 is a lot of money.
Mike.
Answered on 7/22/08, 3:02 pm
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