Posted by James (Ala) on June 10, 2008 at 08:09:45:
I’ll take a stab:
If the the sale of the condos had not been enough to cover your commission, would you have felt you were still owed the difference?
At any point, was it determined that your actual commission would now be based upon a certain percentage of what the condos sold for? Such as, “By agreeing to wait until the condos sell to receive the commission already earned but not paid, I will now receive 25% ( or whatever) of the proceeds from the sale of these four condos”?
If the first answer is “yes” and the second “no”, then I don’t think you have a new agreement. You might make an argument that you are a loyal employee who waited a year for your money and thus deserve to “wet your beak” a little further.
Just my random thoughts.
Good luck, and let us know what happens,
James (Ala.)
OK I work for a company that sells a majority of Oceanfront Condos. We are also involved in the pre-sale of units as well. I one of our pre-sale deals the developer did not sell enough units to pay the bank off therefore could not pay comm. right away. Afer a year of waiting for the comm. our sales manager convinced the developer to deed my company 4 units in lieu of the comm. owed. After we sold the units there was a surplus over the comms. that were origanally owed. Is the owner of the company entitled to the excess or are all fund derived from the sale of the condos therfore considered comm.? Are the real estate agents not partners in those condos since it is their money that is owed to Condolux and therefore the reason Condolux was deeded the condos origanally. Owner of company claim that it is totally his profit off the sell of the condos after he paid only the comm. owed. If you need other info just let me know. I have a meeting tomorrow morning to discuss if anyone can get back to me on this.
The only written agreement I have with the owner is a comm. breakdown on how the money is split up. Nothing concerning partnerships. Has he set precedence by always keeping the split the same even in a comm. loss? I would assume that his company has never has a credit to the books from real estate that wasn’t comm. so I do not understand how he is saying that it is profit not comm. if real estate sales earned the money the only way we earn is through comm.