WSJ Notes Trend Toward Finder's Fee Agreements - Instead of Broker's Agreements
In an article entitled "Finders Play Matchmaker, For a Fee," which appeared in the August 27 edition of the Wall Street Journal, it was noted that there seems to be an increasing trend of sellers offering a finder's fee rather than the more traditional broker's fee in an effort to move their properties or businesses. And apparently, these sellers have met with some success. These agreements are fraught with peril, at least under New York law, however. In particular, as noted in "How to Prove a Finder's Fee Agreement Under New York Law," a Long Island, New York trial court recently held that New York's Statute of Frauds applies to finders and their agreements to provide finding services, which means that finders must memorialize their agreements to find in writing to be enforceable."
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