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#136135 - 04/21/07 02:32 PM Commission Protection Advice!
beachagent924 Offline
Junior Member

Registered: 04/21/07
Posts: 3
I am an agent in florida and have been working as at Buyers Agent for a particular client for over 5 years. This client signed 2 contracts for preconstuction condos in November of 2004. These 2 condos were scheduled to close on December 26th, 2006. This closing date came and went and as of today April 21, 2007...the project has still yet to be completed. Although my buyer has decided not to continue with the purchase of these units, he has still agreed to pay me my commission for my services. I had a commission agreement signed and notorized and sent a copy to the title company who is holding the escrow money with instuctions to release my commission check upon the release of the escrow funds to the buyer. A check will be made out to my broker before any funds are released back to the buyer. Since the seller refuses to sign off on the release of these contracts, it has turned into a big legal dispute. The title company who is holding the escrow filed for an interpleader claiming they had no interest in this matter and that was just granted to them from the courts. The escrow funds are now being held in a registry of the court until this matter is settled.

My question is how can I protect my commission agreement now that the title company does not have control of the money anymore? Should I file my commission agreement with the clerk of courts? How can I be sure that a check for my commission will be made out to me (my broker) out of the funds being held in escrow before being released to the buyer if he wins this dispute and is entitled to get his money back. I want to be protected legally. I am nervous that if my buyer doesnt get his entire escrow deposit back, then he may decide that he isnt paying me the commission that we agreed on. Does anyone have any advice to help me protect my commission that I worked for...thanks so much. I will look for your responses and thank you in advance.

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#136235 - 04/22/07 10:55 AM Re: Commission Protection Advice! [Re: beachagent924]
Pikes Peak Offline
Major Contributor

Registered: 12/15/04
Posts: 2799
Loc: FL
Interesting that you would be entitled to a commission if there is no closing.
Next time have the earnest money held by a real estate company, which has to answer to a real estate commission, and not a title company, which usually answers to an insurance commission.
Without knowing the specifics of you buyer agency agreement, I donít know how you can legally get paid.

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#382042 - 07/06/11 04:34 AM Re: Commission Protection Advice! [Re: beachagent924]
Florida Girl Offline
Member

Registered: 07/06/11
Posts: 10
Loc: Florida
In Florida, we call our commission agreements, usually, EBBA (Exclusive Buyer Brokerage Agreement). In these, the commission is earned at time of signing an agreement to purchase (a sales contract) even though commission is usually collected at closing.

I hope that answers your question.

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