A real estate broker may be entitled to the full commission even if the sale does not go through.
In a recent Wisconsin Supreme Court decision, the Court ruled that pursuant to the listing contract the seller had with the broker, the broker was entitled to a commission if the Seller “sells or accepts an offer, which creates an enforceable contract for the sale of all or any part of the Property.” The Seller accepted an offer from a Buyer, but the Buyer failed to close on the transaction. The court ruled that despite the fact that the sale did not close as planned, the Seller owed the broker $378,000 commission. (Ash Park LLC v. Re/Max Select LLC)
If you are planning to sell your house, make sure you pay close attention to all of the contracts, including the listing contract.
first published:
July 21, 2015 - Posted by: Bykhovsky Law - In category: Real Estate Law
