THANKS for all your comments. I just got my money.
Nevertheless, I do think that we are left unprotected against those broker and start wondering what can i do to change that????
This really an outrage,
It happened more often than you think and I feel that there is not enough law in place to protect agents from broker's keeping their hard earned commission just because they feel like it.
I recently had a closing. The policie of the office (wwhich Thank GOD I have a signeddcopy bbyy the brokerr) says when an agent have a closing by the time he turned in a complete file with the check the office will disburse the commission check within 5 business days after receiving everything.
I remember asking the broker when I was signing up why the 5 business days and he answered "to make sure the check clear because so many title companies are going under nowadays and their checks bounce."
To speed up the process the day of closing, I asked the title company to wire the commission instead to the real estate office which they kindly obliged.
Now we are 15 days since that transaction and I still did not see 1 penny of my commission check.
I found this outrageous, especially because I am a full time realtor and I do not have a pay-check.
This real estate office is a big one with more than 500 agents and the broker is part owner of a title company and a mortgage company in the same office. I talked to some of the other agents and learn this is not the first time that the broker is illegally keeping the agent's commission and releasing it in a month or 2.
I feel that as a realtor we do not have a strong back up system to prevent this kind of thing.
I am giving him until Tuesday and I will fill a complaint with FREC. I already put my license somewhere else but I am afraid that I will have to go thru the same nightmare with some pending transactions that will have to close with his office nevertheless.
Please share your thoughts, if you had to deal with a similar situation. What can I do? Will FREC really assist me in getting my commission?
WHAT PROTECTS US AGENTS???????????????????