News Maker - DELAWARE

DELAWARE -  On May 3rd DE Governor Markell signed DE HB 29. This bill creates a commercial real estate Broker's Lien and is patterned after similar legislation enacted in several other states. Commercial real estate brokers perform valuable services making a market for real estate and assisting sellers, buyers, landlords, and tenants. These services increase the value of real estate. The broker's right to compensation should be protected by the right to file a lien. At the same time, this bill protects sellers, buyers, landlords or tenants by being sure they are only charged for brokerage services if they signed a document agreeing to pay. The bill also protects mortgage lenders, real estate taxes and municipal utilities by providing that all of these lienholders have a higher lien status then the Broker's Lien and will not be affected by the Broker's Lien. This bill also provides for a procedure to establish an escrow account to extinguish a Broker's Lien so as not to delay a real estate settlement for a Broker's Lien that is genuinely in dispute. For a notice of lien to be effective while a complaint is pending under section 2610, the Broker is required to file a continuation of lien prior to the expiration of the current notice of lien. The law becomes effective on August 3rd.

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Saturday, 29 February 2020

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