In Coldwell Banker Real Estate Services, Inc. v. 529 Atlantic, LLC , the parties had an exclusive brokerage agreement which provided that Coldwell would receive a 7% commission if, up to 180 days after the agreement's expiration, a person shown the property ended up purchasing the parcel.
Although Coldwell presented a potential buyer, that deal fell through because of financing difficulties. 529 Atlantic later agreed to give a mortgage and sold the property to that buyer within the 180-day window.
After the Nassau County Supreme Court found Coldwell entitled to a commission, 529 appealed.
Since the governing document was clear and unambiguous, the Appellate Division, Second Department, was of the view the agreement had to be enforced according to the plain meaning of its terms.
Meaning, Coldwell Banker could bank on getting its money.
To view a copy of the Appellate Division's decision, please use this link: Coldwell Banker Real Estate Services, Inc. v. 529 Atlantic, LLC