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Realtors Lobby for Updated Commercial Lien Law

ALBANY-Approximately 150 Realtors from across New York State lobbied state lawmakers today (Tuesday, June 5) for enactment of a host of real estate bills, including a proposal that would protect broker commissions in commercial sales transactions.

By John Jordan | Updated on June 05, 2001

ALBANY-The New York State Association of Realtors led a contingent of more than 150 Realtors from across the state in a lobbying effort to enact key real estate-related legislation. Among the measures NYSAR asked state legislators to consider was a measure that would update the state commercial lien law to cover commercial brokers in sales transactions.

Currently, the state’s commercial lien law only covers brokered leases of three years or more. NYSAR officials complain that the state’s lien law, which was enacted more than 20 years ago, needs to be modernized to cover sales transactions and leases of less than three years.

NYSAR Director of Government Affairs Duncan MacKenzie says, “The bill provides that following performance of brokerage services involving the sale or lease of a commercial property subject to a written contract, the broker may file a lien. Many lease agreements involve options for further tenancy, and these agreements also provide for future commissions based upon the the exercise of these options. The bill provides a mechanism for the attachment of a lien for failure to pay these agreed upon future commissions.”

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