Although the clients do stay with the brokerage, any contract would state what the agent would receive, what percenatges stay with the broker and what gets paid to that agent. As well it should outline who is responsible for what, it may allow the agent to finish teh transaction or may state the agent is removed from teh transaction and finished by that broker or a desiganted agent appointed by that broker and the original agent will receive x amount when it closes.
That agent faces action for brealing rela etsate laws of NH as well as a probable civil suit fromn the broker if any deal falls through or is lost. This is a question regarding State of Nh laws, so that agent should best hire an attorney promtly for advice and not rely on opinions of anyone that is not a lawyer on questions of law.
Would he get anything on the pendings? You indicate he is representing the buyers as an agent of his broker. That eventuality might have been included in his contract. When I ran my real estate office, I offered my agents 50% of their commission due if the sale cloased during the first 30 days after they left, and 25% during the second 30 days--and then nothing after that.
NH has seen this kind of bad behavior before and will deal with it swiftly and without mercy. I know at least one former Realtor who is now selling cars instead of homes since he lost his license from being smarter than everyone else. But then I know a couple of former Lawyers who are now doing landscaping thanks to a real estate deal gone bad.
Hope this helps,
ALL of the Agent's clients, are essentially, not the Agent's... they are the Broker's clients.
As the Broker, I would immediately notify the police that the Agent took the files; this is THEFT. I would also notify the state's Real Estate Division. Also, follow state/local regulations for terminating an Agent from the Office, and Associate of REALTORS (if applicable).
Note: If the Broker AGREES and the Client AGREES, the Broker can terminate the relationship with the clients, and transfer the file to the new Agent's Broker, OR, the Broker and the new Broker can agree with the clients acknowledgement, that a certain percentage or flat rate be paid to the new Broker (to pay the agent). HOWEVER, if the license is not even active, FORGET ABOUT IT.
Mark D Fleysher, MBA, Broker, REALTOR
The Jack Conley Realty Group
C. 702-291-8186 F. 702-946-0843
You said; "he quit at the end of day and went to a different office the next day. took files out of office trying to finish them. he tried changing escrow demand from old office to new office."
A couple oif observations;
1) he went to a diferent office the next day - but now you say his license is nowhere - which is it?
2) He took files out o fthe office - VERY ILLEGAL - those files belong to the BROKER as do the transactions - they NEVER belong to the agent.
3) he tried changing escrow demand - WHY, they are NOT HIS transactions - they are the Broker's.
As far as the commission is concerned - if the agent has an active license and teh former broker allows him to finish those transactions he may get paid. If he is not actively licensed with any broker, he cannot work those transactions and the former Broker who owns the transactions will have to assign them to antoher agent or finish them himself.
I think there is more to this story. Typically agents who want to change Brokerages finish-up their transactions while deciding where they will go next. When they make the decision, if they still have something pending, typically the agent will chat with the departing Broker and make an arrangement so the files are handled, no one's reputation is tarnished and the agent typically gets their entitled commission.
Again, I think there is more to the story - agents don't just leave that end of a day - they also don;t try to go around a Broker and change escrow demands.
If the former Broker pays him anything once his license is actiev again, he should feel very fortunate.
Best of luck to him,
Broker / Owner & Certified HAFA Specialist
Thom Colby Properties
Newport Beach, CA
Moving Lives Forward (TM)
We NEVER DOUBLE-END Transactions in our Brokerage. There is NO benefit to the Seller or Buyer and only benefits the Agent. Also, NEVER use your RE Agent / Broker as your Lender or vice versa.
888-391-5245 Direct Cell
He needs to be a licensed agent to receive a commission, even if he doesn't have it hung at an office.
If he is licensed, he can collect those commissions but the Broker can & will charge him 'transaction fees' & any other costs the Broker feels is necessary to close those sales so there may not be much left.
He may want to speak to an attorney.
Best of luck,