Legal Question in Real Estate Law in Pennsylvania
Please help this Agent
My question is:( In the State of Pennsylvania)
How much chronological notice (if any) must the Broker of Record give before changing the Company/Agent commission structure?
Example: In December of 2002 I had been deep in negotiations, including revised and signed Letters of Intent on the sale of two properties that eventually settled.
( One closed in February 2003, One in May 2003) .
My B.O.R. was certainly aware of the deals and their progression.
On January 1, 2003 I received a memo stating the new ''company wide'' change in the commission structure that would adversely affect me in the amount of $5,000.
Is this manipulation of the split legal? My concern is that the B.O.R. is able to adjust the split whenever a large deal comes along at his will to increase the Company's margins.
1 Answer from Attorneys
Re: Please help this Agent
It is difficult to answer your question without more detailed information. Do you have a written understanding with the Broker? What is the arrangement when you were hired? In the absence of an agreement a broker can not change the structure on deals that are signed and pending settlement. However, I must have more information before giving an answer. If I can be of any further assistence let me know. Gerald Hershenson 215-579-9390
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