County Clerk: Know About the Commission Escrow Act
(Mineola, NY) Nassau County Clerk Maureen O’Connell is advising residents about the “Commission Escrow Act” recently signed into law by New York State and effective January 1, 2009. This law enables real estate brokers with a Brokerage Agreement in place with a seller to have commission funds placed in an escrow account when there is a dispute. When a broker’s services are completed, but the commission is not paid at the time of closing, the broker can file an affidavit with the County Clerk which must be properly served upon the seller. The appropriate funds are deposited into an escrow account via the County Clerk’s Office until a resolution is reached. This filing does not create a lien against the property and does not have any bearing on the buyer or his right to acquire clean title to the property. Anyone interested in more information on this law can contact County Clerk O’Connell’s office at 516-571-2664.