Find Real Estate Agents and Homes for Sale

Real Estate News --> News

After the closing: What happens when brokers battle over commissions

“Perhaps some brokers will say they’re going to shoot you before they pull out the gun, but they’re still taking out the gun.” At the heart of every real estate commission – whether it’s a residential or commercial deal – is the legal idea of ...

View Story

By Rich Bockmann | January 30, 2018 07:00AM (Photo Illustration by Lexi Pilgrim for The Real Deal) When a busted partnership between a pair of brokers at Newmark Knight Frank gave rise to fight over a $1.1 million commission, a panel of three colleagues stepped in to settle the dispute. The senior broker, Lawrence “Chip” Porter, claimed he was entitled to the 50/50 split for the Urban Soccer lease at the Brooklyn Whale Building

His argument was that they had verbally agreed to the split as partners, and their relationship with the tenant began while they were still a team

Junior broker George Valliades had a different take

He argued that Urban Soccer broke off talks after that initial meet and then came back to the table

He felt he was under no obligation to split his haul with his former partner. What separated this quarrel from a run-of-the-mill commission dispute was the fact that Porter happened to be the son-in-law of Newmark president Jimmy Kuhn.

Trending News:

  • Vacant Adelaide office space very slow to lease, real estate agent warns
  • Real estate agent inducted into the Daughters of the American Revolution
  • 2 Plead Guilty in Kansas Mortgage Fraud Case (KSHB-TV Kansas City)
  • Real estate agent faces scrutiny
  • Ill. real estate agent wins world chili cookoff (AP via Yahoo! News)
  • Countrywide Home Loans in $150 Million Fight With Mortgage Insurer
  • SunTrust Announces Key Appointments in Finance (PR Newswire via Yahoo! Finance)
  • B of A and Wells Fargo Find New Clout in Mortgage Market (Financial
  • Marlo Wilson Joins Compass Commercial Real Estate (PitchEngine)
  • 11 real estate firms under our scanner: CII
  • Celebrity real estate ties can be shaky — or even unreal
  • Northern Rock plunges back into mortgage fray (The Journal)
  • Estate agent charged over betting scandal
  • Police make arrest in assault on Cary real estate agent (The News & Observer)
  • Killer still at large two years after murder of Victoria real estate agent (Vancouver Sun)
  • Lowest foreclosures since Great Recession indicate recovery
  • Mortgage giants struggle a year after takeover (The San Francisco Examiner)
  • Weichert, Realtors’ Sparta Associate earns five-star rating
  • Mortgage fraud boosts isle foreclosures
  • Calculating The Mortgage Interest Tax Deduction