BP oil spill claims for Realtors

Real Estate Agent with Pendulum Properties, LLC AL 84773

With so many people being affected by this devastating oil spill, Realtors must take special provisions when filing for financial loss with BP. Although there is a sense of urgency to replace lost commissions with a claim to BP remember what you are collecting...commissions. Real estate law states that only the qualifying broker may disburse commissions, and individual agents may not be compensated directly. The direction provided from legal counsel in Alabama is that agents may help prepare the documentation for a claim but the qualifying broker must file and collect the actual claim. The potential penalty of a fine and a revoked license is not an equitable trade off for pursuing the claim by an individual agent.

I will be submitting my claim today with my broker present for an offer on a Gulf front home my buyer  withdrew his offer on, specifically because of the BP oil spill. It will take more time, more paperwork, more review by the adjustors, but in the long run, I am doing the right thing, the right way.

Comments (4)

Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Eighteen Years Experience in Brevard County

Good luck with this one. I think BP will go belly up and then the taxpayers will be liable.

Jun 04, 2010 02:06 AM
Wayne and Lynda Gomillion
Real Living Hagan Realtors | Pinehurst ~ Southern Pines, NC - Pinehurst, NC

The cost of this disaster is unfathomable and frankly we are dismayed by the devastation and seemingly inept actions of BP and the Obama administration to effectively deal with the problem. The federal government is clearly not a good steward of our nations resources and I very much doubt this is the change Obama supporters had in mind. As H said, he and his administration bear the ultimate responsibility. In fact Washington is making the matter worse!

Jun 04, 2010 03:08 AM
Deborah Orr
Unique Properties of Florida - Clearwater Beach, FL

I am the broker and I submitted our claims for 4 lost sales on behalf on my agents.  One was an executed contract and buyer backed out.  One was an expired counter and buyer withdraw their offer when seller agreed to the price and the other 2 were written offers in negotiations when the buyers pulled out.  We have written documentation from the buyers that the reason for the cancellations is the "BP Oil spill".

It's been a month and the only thing that we've gotten is the runaround.  Realtors aren't getting paid from what I've seen.  The numbers that BP is putting out are primarily alleged payment for lost "rentals" not lost "sales".  I guess they are waiting for us to sue them which is the next step.a


Jun 24, 2010 05:16 AM
Jay Jennings
Pendulum Properties, LLC - Gulf Shores, AL

There has been many changes that have taken place since my original entry. I withdrew my claim on the lost transaction and re-filed based on last years commissions and this years, and it worked! I had an appointment at 11am and had a check in my hand at 1pm.

I dont want to post too much at the moment because there is a task force working as we speak to correct some areas that were in conflict to Alabama real estate law and the adjuster's guidelines. This will be worked out and posted as they become available.

Jun 24, 2010 09:10 AM