In Elliman lawsuit, high stakes for brokers acting as dual agents

TRD New York /
Dec.December 14, 2011 10:33 AM

alternate
text
From the December issue: In a case closely watched by the residential brokerage community, New York State’s Highest Court will soon rule in a legal battle between Prudential Douglas Elliman and the dissatisfied sellers of a Park Avenue co-op.

The 2009 lawsuit, Douglas Elliman LLC vs. Tretter, was filed after the clients refused to pay their broker’s $70,000 commission, arguing that she was also working for the apartment’s buyers without telling them.

In May, the state Supreme Court’s appellate division ruled that the fee must be paid. The sellers, Franklin and Sheila Tretter, are now contesting that decision to the New York State Court of Appeals. The court could rule at any time, affirming the decision in Elliman’s favor, finding for the Tretters, or sending the matter to trial.

However the case plays out, real estate observers said the Tretters’ claim — that their broker was not wholly on their side — should serve as a warning to real estate agents to make certain that buyers and sellers understand who they represent. [more]


Related Articles

arrow_forward_ios
John Giannone and Jac Credaroli (Credit: iStock)

Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans

Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans
Jacob Sudhoff and Scott Durkin (Credit: Sudhoff Companies, Emily Assiran, iStock)

Douglas Elliman is coming to Texas

Douglas Elliman is coming to Texas
Douglas Elliman chairman Howard Lorber (Credit: Getty Images and iStock)

Elliman’s revenue rose 18%, after sales frenzy to avoid New York’s new transfer tax

Elliman’s revenue rose 18%, after sales frenzy to avoid New York’s new transfer tax
Douglas Elliman chairman Howard Lorber (Lorber by Chip Somodevilla/Getty Images; iStock)

Douglas Elliman’s New York revenues fall by half

Douglas Elliman’s New York revenues fall by half
In the Hamptons, the median sales price hit $1,080,000, up 9 percent over the first quarter (iStock)

Home prices set new records as inventory falls across Long Island

Home prices set new records as inventory falls across Long Island
David Simon and 625 Park Avenue (Getty, Google Maps)

Mall magnate David Simon lists Park Ave pad for $33M

Mall magnate David Simon lists Park Ave pad for $33M
(iStock)

Brooklyn and Queens Q2 sales fall at highest rate in decade

Brooklyn and Queens Q2 sales fall at highest rate in decade
Douglas Elliman’s New York City CEO Steven James and Zillow Group NYC general manager Matt Daimler (Courtesy Elliman via Youtube; Zillow)

Elliman gives in to StreetEasy’s manual listings

Elliman gives in to StreetEasy’s manual listings
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...