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Free Books / Real Estate / American Law Of Real Estate Agency / | ![]() |
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Sec. 607. Statute Of Limitations |
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This section is from the book "American Law Of Real Estate Agency", by William Slee Walker. Also available from Amazon: American law of real estate agency.
Where a broker sold certain property under a contract by which the purchaser leased the same for a term of years with an option to purchase, which option was exercised December 31, 1902, the broker's right to commissions did not accrue until that time, and was not barred by the three years' statute prior to the commencement of the action to recover the same on June 27, 1904. Coates v. Locust Point Co., 102 Md. 291, 62 A. 625.
If a broker having charge of the property of a syndicate makes a contract of sale of lots to a nominal purchaser to show business, and such purchaser assigns to a bona fide purchaser who completes the sale, the statute of limitations will run against the broker's claim for commissions as of the date of the bona fide sale, and not of the nominal one. Boss v. Fick-ling, 11 App. Cas. (D. C.) 442.
An action against real estate brokers for deceit in selling land is governed by the statute requiring actions for debt not evidenced by a written contract, to be brought within two years. Gordon v. Rhodes (Tex. Civ. App. '09), 116 S. W. 40.
A right of action by an agent against his principal for reimbursement for money paid out in defending a suit for breach of warranty of land sold at the principal's request, would not arise until the agent paid the judgment against himself, so that an action brought within six months thereafter would not be barred by limitations, and limitations would not begin to run to bar recovery of the expenses of defending the suit until the last item was paid, as in the case of a running account. Shearer v. Guardian Trust Co. (Mo. App. '09), 116 S. W. 456.
A purchaser was induced by fraudulent representations of the broker of the vendor to purchase land for $12,500, $5,000 of which was to be in cash, and the balance in notes. The purchaser paid to the vendor $2,500 of cash, and it was understood that $2,527 should be paid by the broker to the owner on the purchaser's account. Payment was not made, and the purchaser did not discover the fact until four years and ten months had elapsed. Held, that the right of the purchaser to recover from the broker as for deceit was barred by the four years' statute of limitations. Gordon v. Rhodes (Tex. Civ. App. '09), 117 S. W. 1023, certified questions answered, 116 S. W. 40.
 
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agent, real estate agency, brokerage, commissions, compensation, contracts, duties, exchanges, exclusive contracts, forms, interpretations, judicial constructions, leases, liabilities of principal, listing, loans, options, contracts, pleadings, practice, law, rights, sales
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