This recent item from Miami realtor Lucas Lechuga’s blog caught my attention and prompted me to provide a brief commentary. In sum, Lechuga reports on a cancelled Miami Beach project where, allegedly, some buyers have requested through their brokers that their deposit monies be refunded, but the developer has taken the position that it will only return deposits in the event that the broker refunds any front-end commission he or she was paid on the sale. (The situation described is reminiscen As opposed to bank officers, brokers are not employees of the lending companies they work for. Instead, they work independently as free lance agents who are on the look out for borrowers looking for a good mortgage.
