Can a licensed NY Lawyer, when negotiating their own purchase for property in NY State, take a brokerage commission.
front_porch
about 9 months ago
Posts: 3641
Member since: Mar 2008
I am NOT a lawyer, so I can't give legal advice, and I would recommend that you check with an attorney.
However, I believe that the answer is no: it's self-dealing. When agents buy properties, for example, we don't take buyer's side of the commission. What you can do is use the fact that you're not paying out that half of the commission as leverage to negotiate on purchase price. What you can do on that end is of course going to be somewhat constrained by the listing agreement the seller has with his/her broker, and they're all different.
ali r.
DG Neary Realty
Ottawanyc
about 9 months ago
Posts: 517
Member since: Aug 2011
Nope. They're lawyers. Brokers can't charge legal fees either. But lawyers do get exemptions from some of the requirements to write the broker test? Ethics part must be tough.
azemaitis
about 9 months ago
Posts: 9
Member since: Jul 2010
You failed to mention whether they are a licensed broker. If not, I believe the answer is a definitive "no."
Can a licensed NY Lawyer, when negotiating their own purchase for property in NY State, take a brokerage commission.
I am NOT a lawyer, so I can't give legal advice, and I would recommend that you check with an attorney.
However, I believe that the answer is no: it's self-dealing. When agents buy properties, for example, we don't take buyer's side of the commission. What you can do is use the fact that you're not paying out that half of the commission as leverage to negotiate on purchase price. What you can do on that end is of course going to be somewhat constrained by the listing agreement the seller has with his/her broker, and they're all different.
ali r.
DG Neary Realty
Nope. They're lawyers. Brokers can't charge legal fees either. But lawyers do get exemptions from some of the requirements to write the broker test? Ethics part must be tough.
You failed to mention whether they are a licensed broker. If not, I believe the answer is a definitive "no."