(NY) Just purchased a home. Agent representing buyer of previous home requesting commission after not submitting commission statement at closing. Options?

My wife & I recently closed on our new house (new to us) at the end of May. When we accepted an offer on the old house, our realtor had us sign a commission agreement, on her company's letterhead, stating that our commission would be 5%, with 2% going to her, and 3% going to the agent of the buyer of our old house.

Fast forward to 2 weeks AFTER our closing, and my realtor received an email from the office of the buyers agent, stating that they forgot to submit a commission statement for the closing, and that we were "overpaid" by $2,500 at closing, which should be the buyers agent's commission. Problem is, the funds we received at closing has all been put back into the new house for improvements, and they are now requesting their funds in full.

In reviewing my loan documentation, it shows the commissions being paid to my agent, the agent of the house we bought, and that's it. There is nothing listed for the agent of the buyer of our old house (since they never sent the commission statement in.)

I'm being told I have to pay it, since I signed the original document. My thought is this…I also signed a document at closing stating that if I fail to pay my monthly mortgage, the bank can take my home. They would most certainly waive that document in front of my face if I were to ever default, so why can't I waive the same document from our closing that shows no amount for their agent?

More real estate tips at Program Realty Wix site


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s