I have signed contract for a mortgage commission split. The closings have closed but the other person will not pay me because he said that I need to have my new license or he will not be obligated to pay me. I decided to not renew my license. I contracted with this before the license was to be renewed. Does he have to pay me according to the signed contract or can he get away without paying me?
This is difficult to answer without knowing the precise laws of your state or the terms of the agreement. Most likely, if the services you were providing were substantially or fully completed prior to the expiration of your license, you would be entitled to the split. If, however, you provided services while not licensed, you may not be entitled to the split as a broker, but may still be able to demand compensation for the services you provided. Keep in mind, it may actually be illegal for the other party to pay you for any services you provided without a license. This is a question that can probably be more completely answered by your state’s regulatory agency or your state’s professional association. If not, an attorney specializing in property and/or contract law will be able to provide you with your options.