| Re: Broker breaking rules? [quote]Originally posted by Tpitboss
[b]What is the name of your state? Nevada
After cancellation of offer and escrow, the real estate agency for the buyer has requested their Buyer's brokerage fee be paid out of earnest money that I (the seller) feel I am entitled to receive.
In the buyer's purchase agreement there is a fee to be paid upon cancellation or close of escrow but do they have any legal right to deduct that amount from an earnest money deposit intended to protect the seller?
**A: first check to see if your listing agreement allows the listing broker to get some of this money. If so, then review the cooperating broker's agreement. In cases of a default by Buyer where the deposit is kept as damages, the brokers may share in the earnest money subject to the terms and conditions in the listing and cooperating broker's agreement. |