As a Real Estate agent with no sales in the tough recession of 2009 I was sued by my broker - Petra Realty Inc, Snellville GA for fees in the amount of $1396 $74 in court fees.in the short period I was with them (about a year) I had no sales with Petra Realty Inc. Because as we all know, in 2009 it was a tough year; a major recession economy, with millions of people laid off, banks failing; real estate sales had ground to a halt because lending had frozen. It was a bad year; many Real Estate companies went out of business. But I never thought that in such a bad economy I would be sued by my broker for fees because I made no sales.
I do have to blame myself because I signed a bad contract. I had raised concerns with the broker Mr. Constantine "Gus" Angus about the high fees of $400 annual dues, $500 sign fee and monthly fees. Mr. Angus stated dont worry about it, we will take it out of your sales. Well with a bad economy that did not happen, so now I have a judgment against me in Walton county court GA (court record CAF no 09-0452, Magistrate Court of Walton Co.) Now being unemployed his attorney wrote The Judgment has been filed. If he sells his house, or refinances, you can collect at that time. If he is unemployed, there are obviously no earnings from which to collect (Mr. Angus had given me the letter during a meeting to make payments, he instructed me to contact his attorney to settle the matter) I share this to warn all agents to be aware before you sign a contract with a Real Estate broker. Watch out for the high annual fees. If you are going to sign these kinds of contracts for higher commission splits in this bad economy you may as well pay your fees up front as like me, YOU MAY BE SUED BY YOUR BROKER.
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