Florida Realtors Sued for Commissions
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Another situation stemming from the deteriorating housing market in the once-hot housing market in South Florida is a case against a group of real estate practitioners for the three percent commission paid them on 24 condos prior to the sale. (Prior to the sale? That certainly wasn’t happening here in Ohio.)
The sales failed to close or the buyers defaulted and the condo developer is suing for the money paid to these brokers. The brokers are countersuing saying that it was the developer’s fault that the sales fell through. To make the situation even murkier, the contract with the brokers doesn’t spell out what happens to the commission if the event the sale does not materialize. In addition, many of the individual agents to whom to money was distributed, no longer work for the brokerages.
To read, the whole story, see this post by “Realty Magazine.”
This entry was posted
on Friday, February 22nd, 2008 at 5:28 am and is filed under Brokers.
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February 23rd, 2008 at 10:51 am
From Wolf Laurel in NC mountains - I believe Merrill Lynch is correct about the arrival of recession in the United States. The housing downturn is negatively impacting property sales in second home communities in Florida. This is also slowing sales in NC mountain resorts that depend on Florida buyers.
Still the downturn in prices and building of inventories is starting to attract second home buyers from Florida looking for cool temperatures in our mountains. Also the dramatic decline in the dollar combined with weakness in American real estate markets are beginning to interest some bargain hunting European investors.
Ron Holland, Broker/Realtor with Wolf’s Crossing Realty. See http://www.ronaldholland.com Ron markets resale mountain and ski resort properties in Wolf Laurel and The Preserve at Wolf Laurel.