The Act makes the obligations of a landlord or tenant under a written brokerage commission agreement binding contractual obligations of such a landlord or tenant and of their respective grantees, successors, and assigns. The Act makes succeeding parties bound under such agreement after the sale, transfer, assignment, or other disposition of the subject property or leasehold interest if the conditions specified in the Act are satisfied. The Act provides for the form of notice of commission rights to be filed, as well as the place and timing of the filing. The provisions of the new Code section apply only to commercial real estate. The Act requires a real estate broker to file a release and provides that the filing of the notice does not create an interest in the real property that is subject of the agreement.
Kathryn O. Pulliam,
PROPERTY Landlord and Tenant: Provide for Commission Protection for Real Estate Brokers Subsequent to Any Transfer or Conveyance of Real Property or a Leasehold Interest; Provide for Notices of Commission Rights and Waiver and Release of Commission Rights,
Ga. St. U. L. Rev.
Available at: https://readingroom.law.gsu.edu/gsulr/vol14/iss1/21