Question

A broker produces a buyer who is interested in buying a listed property. At closing, the seller is unable to provide marketable title to the property and the buyer cannot come up with XXX financing to purchase the home. Is the broker due a commission?

Answer 1

Answer:

No, because he did not produce a ready willing and able buyer

Explanation:

A broker's commission is earned upon his supplying a purchaser ready, willing and able to buy according to seller's terms, and upon completing duties called for in the earnest money agreement.

A transaction is not "closed" until the buyer has been supplied with evidence of title called for in the earnest money receipt; delivery of deed; accounting to the seller of consideration coming to him, together with delivery of possession of the premises to the buyer.