Real Estate Law
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My understanding is that breach of fiduciary duty the minimum peanalty is a forefit of the commission , all of it, not just the 1/2 point ?
Other facts , when this was brought to agents attention he offered me a split 1/4 point back that would have brought his commission to 3.25 % , these instructions went to escrow as he said his management approved that reduction ... OK you ask all is good ?
Sale was a part of a divorce, x to be was in all agreement with the sale price , so that would have been a huge mess for me to counter and I wanted out.
Here is the kicker my friend, we had a 4 way instruction to escrow stipulating the full 6% commission, both counsels signed it and both parties, it was silent on the commission split.
When I had the commission reduction agreed upon with agent my counsel prepared for opposing counsel an amended commission for 5.75 %total 3.25 seller agent / 2,5% buyer agent/,25 back to seller , opposing counsel refused to sign it indicating " I was out of line" taking money well deserved from agent and that my x did not want the money back.
He indicated the agent deserved the 3.5% commission.
Here is the kick in the butt , the agents x wife is married to opposing counsel, in fact they are baseball field buddies with the grand kids in common .
Now hows that for a conflict of interest, in fact the agent also made me an offer to write me a check after sale to settle up the difference , when I asked for the whole monty, including what would be x-wifes share he said that would be unehtical
I suspect that opposing counsel was offered the same deal for his client ( and in fact had not refused the monies) and that is why he would agree to not sign the amended commission which would have bennifited his client
Seems that opposing counsel overstepped his legal authority on this one ?
You see , I think I need overall " big picture" legal guidance on this matter, like spell it all out.... as I am sure the Judge would be interested in some of the " details "
I think the Brokerage has some explaining to do as well ?
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