gregorygarver.com

Mike0686 · Joined: 15 Oct 2003 Posts: 3

we have put our business to sell through a broker in Florida. He found us a buyer who put in a non refundable deposit and agreed to close before a certain date. That did not happen and so the broker got the non refundable deposit. The broker now claims that florida realty law says that he gets to keep half the deposit as a fee for doing the work and getting us a buyer. Is this legal? Is he not supposed to get just the 8% of the non refundable deposit? Where do i find information about these laws? Can anyone advice?

ralph · Joined: 21 Jul 2005 Posts: 3

In Colorado, we were entitled to keep half of the earnest money up to what would have been our commission. Hope this helps.

AllieH · Joined: 17 Nov 2003 Posts: 7

No, the deposit is to you.He earns a commission when the business sells and CLOSES. That is when he earns the commission, not when he gets a failed sale. His doing this is a major legal and ethical violationLet him know that he must release the deposit to you immediately, or you will notify the Florida Real Estate Licensing Board. If he is a Realtor (as apposed to just a real estate agent) tell him you will also contact the State and National Board of Realtors. You will be giving all parties notice of his violation of agency laws. This can cause his license to be suspended or revoked.Also insist he release you from your listing contract, then find yourself a new agent.

godged4121 · Joined: 01 Jul 2006 Posts: 8

Yipes. This does not sound right. Check your listing agreement and see what it says in writing. I am not a lawyer, but if you need a good one in the Sarasota County area, email me. I can send you some suggestions.Good luck and best wishes.