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Hamptons.com
December 12, 2019

The Buyer Agency Agreement: What Is It And Why Should It Be In Writing?

John A. ViterittibyJohn A. Viteritti
in Real Estate
Home Real Estate

Our November article (which can be found here) addressed the Listing Agreement, the “employment” contract between the owner of a property and the broker representing the seller.

This article will address the circumstances when the broker is representing the buyer. This contract is formally known as a Buyer Agency Agreement. It defines the rights and obligations of the buyer and broker. As is true with the Listing Agreement, New York’s Statute of Frauds does not require the Agreement to be in writing, unless it is for more than a year, but like the Listing Agreement, prudence dictates that it always be in writing.

A common misconception is that the buyer who goes to contract with the seller and subsequently backs out of the deal without legal excuse is not required to pay the broker the agreed upon commission. This is not true, unless the Agreement says so, except for willful default by the buyer.

Under New York Law, neither a seller who has listed the property for sale with a real estate broker nor the broker may refuse to cooperate with a buyer who is represented by a broker. The essence of the law is, if a seller is represented by a broker, it would be unfair to the buyer if they could not also be represented by a broker. However, the law does not require the seller to agree to pay the buyer’s broker’s commission. In that circumstance, the buyer’s broker would have to receive the commission from the buyer. The Listing Agreement between the seller and the seller’s broker can address this scenario. The Listing Agreement used by the Long Island Board of Realtors, for example, states that the owner agrees to pay the listing broker, and a cooperating broker, including a buyer’s broker. It is my opinion that this arrangement is in the best interests of the seller since it makes no difference if the commission is split with brokers representing the seller or the buyer. To do so would discourage an offer from a buyer, unless the commission was subtracted from the purchase price.

A set of events that led to a New York Appeals Court ruling is incorporated in the case, Eric Valdina v. Patricia Martin, decided January 24, 2008. Martin was the seller, and had an Agreement with their broker to pay a commission. The broker agreed with the buyer’s broker, Valdina, to split the commission if they produced the buyer prepared to go to contract on the seller’s terms. The broker did produce a buyer, the contract between the seller and buyer was signed, but the seller chose not to go ahead with the sale. The seller’s broker chose not to pursue their rights to sue for the commission. The buyer’s broker filed suit against the seller and the seller’s broker for its share of the commission, which the court denied. With respect to its claim against the seller, the court ruled there was no agreement between the seller and the buyer’s broker entitling the broker to a commission. With respect to the buyer’s broker’s suit against the seller’s broker, the seller’s broker did not receive a commission from the seller and therefore, no commission was due the buyer’s broker.

The Buyer Agency Agreement may also address the buyer broker’s entitlement to a commission, should the buyer buy a property to which they were introduced to by the buyer’s broker after the expiration of the Agreement.

As with a broker representing a seller, the rights and obligations of the parties to the contract are subject to interpretation by the courts, and advice of counsel should always be the rule before entered into by the parties.

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  • “Only the Timeless,” Remembering Iconic Hamptons Architect Myron Goldfinger

Myron Goldfinger, renowned modernist architect, passed away this Summer at 90. Gaining prominence, especially in the Hamptons, for designing weekend escapes and monumental modern estates. Still highly sought-after today, the Goldfinger-designed estate at 43 Sandune Court, Sagaponack, hallmarks and honors the architect’s innumerable gifts. 

Read the full article at Hamptons.com (Link in Bio)
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#hamptons #architect #myrongoldfinger
  • Enjoy the Warmth of Community This Fall at LongHouse

LongHouse Reserve is unbelievably beautiful. Whether you’re here for the summer or visiting from out of town, LongHouse is a must-visit. It’s not just a place for art but a true community hub offering tranquility and a chance to marvel at nature’s wonders. It’s a sanctuary of peace.

This fall, there’s a buzz in the air, thanks to the efforts of LongHouse director Carrie Rebora Barratt, who is a relatively new local herself. She’s been working to create more engaging community events and has extended LongHouse’s open season well into the fall and possibly even the winter. @longhousereserve

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#longhousereserve #longhouse #community #events
  • HIFF Closing Night Showcases Director Bradley Cooper’s MAESTRO

HamptonsFilm announced today the full slate of programming for the 2023 edition of the Hamptons International Festival (HIFF), including the Closing Night presentation of Bradley Cooper’s MAESTRO, additional Signature Programming including “A Conversation with…” Series with Paul Simon, and the full film programming lineup including additional films to screen within the Spotlight section, Documentary and Narrative Competition titles, short film sections, as well as Signature Programs including Views From Long Island; Conflict and Resolution; and Air, Land & Sea. The Festival also announced filmmaker Celine Song will attend the festival for a Special Screening of her latest narrative feature PAST LIVES, and will receive the festival’s Breakthrough Artist Award. @hamptonsfilm

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#bradleycooper #maestro #film #filmscreening #hiff #hamptonsfilmfestival
  • The place is the old Astro’s, and it looks pretty much the same except all the seating is now by the windows, and there are no tables. You can go in for slices, and overall, it’s a pretty typical pizza joint with a more retro vibe. But what’s great about this pizza is that it is thin and has a crispness to it that you don’t get anywhere else in the Hamptons. This means that even if you devour half a pie, you don’t walk away feeling bloated and like death is imminent, but you just feel really full from good pizza.

Everything is fresh, and the overall vibe is trendy. You have to go. I gave it an 8.4. #pizza  #pizzatime  #pizzalover  #hamptons  #finipizza
  • Special Screening of Love…Reconsidered, A Hamptons-Based Romantic Comedy

The Westhampton Beach Performing Arts Center will be hosting a premiere of the film Love…Reconsidered on Saturday, September 30th at 7:00 p.m. in the Mollie Parnis Auditorium. This is the charming romantic comedy starring Sophie von Haselberg, Judy Gold, Marisa Ryan, Elaine Bromka, Luke Gulbranson, and Colton Haynes, set between New York City and Southampton.

Love…Reconsidered is based on Arielle Haller-Silverstone’s true love/life story, and she wrote the screenplay after losing her job during the pandemic where she then moved to the Hamptons. Haller-Silverstone is the co-owner of Le Closet, a curated consignment store, with locations in Southampton and New York City, and she can’t wait to premiere this film at WHBPAC and connect with viewers.

The screening will also include a panel discussion with the filmmakers moderated by Kate Schumacher and Carinn Jade of the well-known podcast Pop Fiction Women. They will dive into the film’s characters and the complicated lives they lead, along with the filmmaking process that brought this movie to life on the screen. Arielle Haller-Silverstone spoke more about her inspiration for the screenplay, her background, and what she is most looking forward to for the screening.

Congratulations on your film Love…Reconsidered. Can you talk about the story behind this film and where your inspiration came from to write the screenplay? 

Arielle Haller-Silverstone: I lost my job during COVID and started Le Closet from my studio apartment in Hell’s Kitchen. On a total whim, my dad knew a broker that knew a broker in Southampton, and I decided to give it a shot. I schlepped all of the clothes from NYC and opened on Windmill Lane (where the store still is today!). I knew there was a script within this story and had to make a movie. @whbpac

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#westhampton #romantic #comedy #screening
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