In both the residential and commercial context, a property owner typically retains the service of a real estate broker to list and market a property for sale. Prior to retaining a real estate broker, the property owner enters into a written agreement defining the scope and term of their relationship. Typically, the real estate broker provides a form broker agreement for the property owner to sign. Most property owners, even in the commercial context, are not represented by legal counsel when signing the broker agreement and the property owner’s failure to properly negotiate the terms and conditions of the broker agreement could sometimes lead to unintended consequences.
In Binswanger of Pennsylvania v. TSG Real Estate LLC, 2015 Phila. Ct. Com. Pl. LEXIS 2000 (September 1, 2015), Philadelphia Court of Common Pleas Judge Patricia McInerney determined whether a real estate broker was entitled to a commission from a property owner when the property was sold to a corporate entity that had expressed interest in purchasing the property before the real estate broker was even retained to list and market the property for sale.
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