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House Bill 1136

House Bill 1136

ARCHIVE (2006)

Latest Information

DIGEST OF HB1136 (Updated March 8, 2006 6:28 pm - DI 84)

Brokers' liens on commercial real estate. Allows a principal broker to assert a lien upon commercial real estate that is the subject of a purchase, a lease, or other conveyance to a buyer or tenant, in the amount that the principal broker is due for licensed services provided in connection with the transaction under certain conditions. Requires an owner to provide a principal broker with certain information concerning a closing transaction before the date of the closing transaction, and requires an owner to certify at closing that the owner has made the required disclosures or that the principal broker has been paid in full. Specifies that in the case of a lease of commercial real estate in which a principal broker is due future fees or commissions upon the exercise of certain options by a party to the lease, the broker may, at any time after the execution of the lease, record a memorandum of lien, which serves as notice of the broker's right to future fees or commissions. Permits a party that has suffered a pecuniary loss as the result of an owner's noncompliance with the notice or certification requirements to bring a cause of action against the owner, and permits treble damages if the owner's noncompliance was fraudulent. Makes other changes.
Current Status:
Law Enacted
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