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Real estate agent commissions/property of the estate
Listing generally, too much work to close an offer and then the escrow. So most trustees limit question to open escrows.
Dennis McGoldrick
350 S. Crenshaw Bl., #A207B
Torrance, CA 90503
On Jan 19, 2010, at 3:54 PM, "Mark J. Markus" wrote:
I'm about to file a Ch. 7 for a real estate agent who works for a large
broker.
I just want to double check on this:
Clearly any escrows opened for which he is entitled to commissions on
the date the petition is filed are property of the estate. But is it
also the case that any LISTING agreements he is a party to which
ultimately turn into escrows are also property of the estate? Just
trying to assess the amount of exemptions vs. possible commissions we
can protect and what needs to be listed on Schedule "B".
Thanks,
Mark
*************************
Mark J. Markus
Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (fax)
web: http://www.bklaw.com/
This Firm is a Qualified Federal Debt Relief Agency (see what this means at
The post was migrated from Yahoo.
I guess the agent just has to estimate and apportion the percentage of
work done on a particular matter pre-petition vs. post petition, and
come up with some dollar amount for the possible future commission if an
escrow is opened and later closes.
Just trying to answer my own questions...
*************************
Mark J. Markus
Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (fax)
web: http://www.bklaw.com/
This Firm is a Qualified Federal Debt Relief Agency (see what this means at http://bklaw.com/bankruptcy-blog/2008/0 ... efinition/)
________________________________________________
NOTICE: This Electronic Message contains information from the law office of Mark J. Markus that may be privileged. The information is intended for the use of the addressee only. If you are not the addressee, note that any disclosure, copy, distribution or use of the contents of this message is prohibited.
IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication.
On 1/19/2010 3:54 PM, Mark J. Markus wrote:
> I'm about to file a Ch. 7 for a real estate agent who works for a large
> broker.
>
> I just want to double check on this:
>
> Clearly any escrows opened for which he is entitled to commissions on
> the date the petition is filed are property of the estate. But is it
> also the case that any LISTING agreements he is a party to which
> ultimately turn into escrows are also property of the estate? Just
> trying to assess the amount of exemptions vs. possible commissions we
> can protect and what needs to be listed on Schedule "B".
>
> Thanks,
> Mark
>
> *************************
> Mark J. Markus
> Law Office of Mark J. Markus
> 11684 Ventura Blvd. PMB #403
> Studio City, CA 91604-2652
> (818)509-1173 (818)509-1460 (fax)
> web: http://www.bklaw.com/
> This Firm is a Qualified Federal Debt Relief Agency (see what this means at http://bklaw.com/bankruptcy-blog/2008/0 ... efinition/)
> ________________________________________________
> NOTICE: This Electronic Message contains information from the law office of Mark J. Markus that may be privileged. The information is intended for the use of the addressee only. If you are not the addressee, note that any disclosure, copy, distribution or use of the contents of this message is prohibited.
> IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication.
>
>
>
>
> ------------------------------------
>
> Yahoo! Groups Links
>
>
>
>
>
The post was migrated from Yahoo.
I'm about to file a Ch. 7 for a real estate agent who works for a large
broker.
I just want to double check on this:
Clearly any escrows opened for which he is entitled to commissions on
the date the petition is filed are property of the estate. But is it
also the case that any LISTING agreements he is a party to which
ultimately turn into escrows are also property of the estate? Just
trying to assess the amount of exemptions vs. possible commissions we
can protect and what needs to be listed on Schedule "B".
Thanks,
Mark
*************************
Mark J. Markus
Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (fax)
web: http://www.bklaw.com/
This Firm is a Qualified Federal Debt Relief Agency (see what this means at http://bklaw.com/bankruptcy-blog/2008/0 ... efinition/)
________________________________________________
NOTICE: This Electronic Message contains information from the law office of Mark J. Markus that may be privileged. The information is intended for the use of the addressee only. If you are not the addressee, note that any disclosure, copy, distribution or use of the contents of this message is prohibited.
IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication.
The post was migrated from Yahoo.