Del. Code tit. 25 § 2603

Current through 2024 Legislative Session Act Chapter 531

Section 2603 - Right to lien

Upon performance of all of the duties of the real estate Broker as stated in the Brokerage Agreement except completing settlement, the Broker shall have the right to place a lien upon commercial real estate that is the subject of the Brokerage Agreement for the unpaid amount of compensation due the Broker as stated in the Brokerage Agreement. The Brokerage Agreement must expressly state:

(1) the amount or the method of calculating the amount of compensat ion for the services of the Broker; and

(2) That the Brokerage Agreement is a binding contract under State law; and

(3) Identify the real estate that is covered by the Brokerage Agreement by description and/or tax parcel number.

Failure of the Brokerage Agreement to contain these provisions shall render the Brokerage Agreement ineligible for a Broker's Lien, but shall not otherwise affect the validity or enforceability of the Brokerage Agreement.

25 Del. C. § 2603

Added by Laws 2013, ch. 18,s 1, eff. 5/3/2013.