Asked by Jim Hulsey, Wyoming • Wed Apr 15, 2009
We are about to list with a broker who has put into the listing contract a clause which stipulates 25% of forfeited money will go to the broker. "In the event of forfeiture of payments made by a prospective Buyer on any contract obtained during the term of this Contract, the sums so forfeited shall be divided between Broker and Seller, 25% thereof to Broker, but not to exceed the commission agreed upon herein, and the balance to the seller." The broker is getting a fair commission for a sale. Why should broker be entitled to anything more than that commission?
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