Real estate brokers can be employed as the agent of either the buyer or the seller to represent them in the transaction for real property. In most circumstances, a written listing agreement defines the salient terms of the relationship between the broker and the seller. The rights and remedies available to the aggrieved broker are often contingent on whether the listing agreement is an “exclusive listing agreement” versus and “open agreement.” In an open listing agreement, the broker’s available remedies are, generally, limited only to situations where they procured the actual buyer of the subject property. With an exclusive arrangement, a broker can have entitlement to compensation for commissions on a closed deal even if they did not assist the seller in finding the buyer.
For transactions involving real commercial property, the real estate broker’s right to be compensated with earned commissions is protected by the Florida Commercial Real Estate Sales Commission Lien Act; Fla. Stat. § 475.700, et al. This Florida Act, in certain circumstances, protects the interest of the procuring broker by allowing them to file and foreclose on a lien on the proceeds from the transaction.
Florida common law, in many circumstances, protects the interests of real estate brokers who were the procuring cause of transactions involving real residential property.
The attorneys at Adam Law Group have years of experience in representing brokers who have expended hours of capital and costs to close deals, only to be wrongfully denied earned commissions.