What is the name of your state (only U.S. law)? NJ
I am in the middle of brokering a business sale deal set to close on Monday. I represent the seller. There is a listing agreement in place which defines my commission percentage. I brought a buyer to the table and got the seller a full price offer. It was accepted by all parties and turned over to the attorneys so they could do their thing.
Today, I was asked by the seller if I would be willing to lower my commission since she felt it was too high. Even though I shouldn't, I did lower it by 1/2% for the sake of getting the deal done and making everyone happy. I prepared a commission statement reflecting such and presented to the seller (I will also forward it to her attorney's office). I did get the feeling she was looking for a more significant discount and I explained that there was nothing else that could be done since we’ve already given her a low commission to begin with. Going any lower would be practically free.
Here's where it gets concerning...
When I mentioned that I will see her at the closing, her response was "no you're not". I stated that it was standard procedure and I would think that she would want me by her side. Her response to that was "you'll get paid, I'll mail you the check" while grinning.
If she does not want me at the closing that's fine (although not understood) because I can have someone swing by to pick up funds after the closing. She grinned again and said "that's fine, but you're not going to the closing".
For the record, I have gone above and beyond what I was obligated to do for the sale as a broker.
Perhaps I’m being paranoid, but what obligations does the closing attorney’s have to distribute funds accordingly? Is there anything I can do to insure that commissions are paid without throwing up red flags that I am suspicious?
Any suggestions/advice is greatly welcomed and appreciated.
Thank you.
I am in the middle of brokering a business sale deal set to close on Monday. I represent the seller. There is a listing agreement in place which defines my commission percentage. I brought a buyer to the table and got the seller a full price offer. It was accepted by all parties and turned over to the attorneys so they could do their thing.
Today, I was asked by the seller if I would be willing to lower my commission since she felt it was too high. Even though I shouldn't, I did lower it by 1/2% for the sake of getting the deal done and making everyone happy. I prepared a commission statement reflecting such and presented to the seller (I will also forward it to her attorney's office). I did get the feeling she was looking for a more significant discount and I explained that there was nothing else that could be done since we’ve already given her a low commission to begin with. Going any lower would be practically free.
Here's where it gets concerning...
When I mentioned that I will see her at the closing, her response was "no you're not". I stated that it was standard procedure and I would think that she would want me by her side. Her response to that was "you'll get paid, I'll mail you the check" while grinning.
If she does not want me at the closing that's fine (although not understood) because I can have someone swing by to pick up funds after the closing. She grinned again and said "that's fine, but you're not going to the closing".
For the record, I have gone above and beyond what I was obligated to do for the sale as a broker.
Perhaps I’m being paranoid, but what obligations does the closing attorney’s have to distribute funds accordingly? Is there anything I can do to insure that commissions are paid without throwing up red flags that I am suspicious?
Any suggestions/advice is greatly welcomed and appreciated.
Thank you.
