New York Commission Escrow Act

By
Real Estate Broker/Owner with Centum Real Estate Group Lic #10401249650

This law requires sellers to deposit commissions until it has been decided whether the broker is entitled to commissions under the written brokerage contract.

 

This law requires certain language in a contract to make this enforceable and additional requirements to be able to have the commissions deposited. 

 

It is amazing to see that so many contracts dont have the required language and therefore precludes these remedies to avoid costly litigation. 

 

Brokerage firms and agents working at real estate brokerage firms should make sure there contracts are adequate to protect themselves. 

The Mueller Law Firm specializes in the preparation of these contracts and how to assert claims thereafter to stay out of court, avoiding long arduous trials and avoiding costly litigation.  

Centum Real Estate Group specifically has Michael Mueller on staff to avoid going to court to collect on just commissions.

I personally have witnessed attorneys who believe that their amount of cases they have active justifies their experience.

I believe it is the attorney who keeps things from going to court is the attorney who has the most experience and would be the attorney that I would want to represent me.

But back to the most important issue and this blog is for real estate brokers to be proactive in avoiding litigation. 

In the event you have failed to do this important task you can file a complaint for breach of contract for up to 6 years under basic contract law. 

 

 

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Real Estate Best Practices
Tags:
otis duffy
centum real estate group
mueller law firm
michael mueller
new york commission escrow act

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Otis Duffy

Otis Duffy Centum Broker of Record NY & NJ
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