References in periodicals archive ?
Since there was no sales contract, the seller cannot be deemed to have defaulted so as to become liable for the broker's commission.
Justice Herman Cahn of the Supreme Court of New York County agreed with the tenants that O&Y had refused to negotiate with the broker; that the brokerage agreement did not prohibit the tenants from directly negotiating with O&Y; and that the agreement imposed no obligation for the tenants to pay the broker's commission.
This is because the tenant's potential liability for the broker's commission may, as a practical matter, make walking away from the deal prohibitively expensive, thereby undermining the tenant's bargaining power.
A broker's commission is paid by the landlord in the United States, except in regional shopping centers, while a 3 percent fee is paid by the tenant in Germany, he said.
The New Jersey-based company, whose brands include the Corcoran Group, Coldwell Banker and Century 21, said the overall real estate slump that is to blame for slashed broker's commissions and record foreclosure filings is proof that a housing rebound may not arrive in the near future.