Meeting of the Minds Absent an agreement to the contrary, it is generally accepted that a broker will earn a commission when there is a "meeting of the minds" on all "essential business terms" between the seller and a ready, willing and able
"In the past, we have benefited greatly by representing clients that leased over 7.5 million SF in the buildings affected by the World Trade Center catastrophe," said Laub." We have gone from a state of emergency to a state of recovery for those affected by this tragedy...and we stand ready, willing and able
to assist those in need."
Judge Acosta stated that in the absence of an agreement to the contrary, a real estate broker will be deemed to have earned its commission when it produces a buyer who is ready, willing and able
to purchase the property on the terms offered by the seller.
Further, in New York, absent agreement to the contrary, a broker is entitled to a commission if he or she procures a deal with a ready, willing and able prospect - whether or not the deal ever closes or is even reduced to writing.
As stated above, a brokerage commission is generally earned when the broker procures a ready, willing and able prospect and there is agreement between the parties with respect to all of the material terms customarily encountered in the transaction.
The fact that a ready, willing and able
buyer stepped up at a later point cannot void that original grant of variance.
Judge Pasquale Bifusco, of the Civil Court, Richmond County, New York, ruled that it is a fundamental proposition of law that absent an agreement to the contrary a real estate broker has earned its commission when it has produced a buyer ready, willing and able to purchase on the terms acceptable to the seller.
The judge ruled that although the broker is entitled to a commission because it produced a buyer ready, willing and able to purchase the seller's property on the seller's terms and at the sale failed to go forward as a result of the seller's own default, still a trial was required because of the fact that the broker entered into a second binder agreement with the seller for the same property.
it must be shown that the [tenant] employed the broker, that the broker procured a [landlord] who was ready, willing and able
to enter the proposed [lease] transaction, and that the failure to complete the transaction was due to the 'fault of the [tenant]."