Sign of the Times

No Pay Zone

It had to happen! With the terrible market place in the US it was inevitable that someone other than a homeowner would stop paying their bills. Real estate brokers have in the past few years been realigning their association with major brands in part due to the change real estate climate.

According to Inman News, a leading source of independent real estate news, information, advice, research, opinion and commentary for industry professionals and consumers alike, “Century 21 has terminated its franchise agreement with one of its biggest brokerages, Long Island, N.Y.-based Laffey Associates, claiming in a lawsuit that it’s owed more than $280,000 in royalties and franchise fees.”

The battle at the New York version of the Ok Corral has begun as Yellow Jacketed lawsuits fly.

21 Ways to Leave Your Lover

“Laffey Associates executives confirm they have parted ways with Century 21, but say they intend to file a counterclaim in New Jersey Superior Court that Century 21 breached its obligations under its franchise agreements.”

Stand In Line

“Many of the counterclaims it (Laffey) intends to make are also the subject of a lawsuit filed by other Century 21 franchises in 2002.”

Suspect is that it is really a case of a crashed market that has made it too expensive to continue playing in the Century 21 sandbox. Ultimately, such disagreements always seem to be a classic case of ‘we said they said’ and not unlike many divorces, the solution will leave sand in someone’s eyes and will neither be nice nor inexpensive.

You can read the Inman report here.

Ever wonder where the Yellow Jacket started? Clickhere.

*Century 21 logo is a registered trademark of Realogy Corp.

About Larry Yatkowsky

Larry is a recognized real estate expert. A veteran professional, his experienced counsel leads Vancouverites in his west side community to place their trust in a man passionate about his work. Uncompromising ethics bring a balanced approach to realizing your real estate dreams.

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*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.
**Numbers provided may vary as they are dynamically posted by the REBGV.

Reader Comments:

ReformedBullsitter Says:
September 11th, 2010 at 3:46 pm

market is coming apart at the seams

September 11th, 2010 at 5:28 pm

@reform
perhaps there but you may be in for surprises here

Boombust Says:
September 11th, 2010 at 6:01 pm

@reform

perhaps there but you may be in for surprises here

What do you have in mind, Larry?

beard of bees Says:
September 12th, 2010 at 9:25 am

Hi Larry,

I was walking through MLS and I noticed these 3 listings around Vernon Dr (MLS V849842, etc). They say Land Title “Unknown”.

No, I’m not planning on buying 😉

But I’ve not seen “unknown” before. Could the title of the land literally be unknown, or is there something else going on here.

Well, I could ask the listings agent, but I thought this could be an interesting discussion 🙂

September 12th, 2010 at 9:39 am

@b of b
checked to see what you were talking about – Title to Land is noted as being “Undivided Interest”
Note: the BC Gov’t is pretty accurate about there being a title to a piece of dirt.
wondering if it was just a matter of timing when you checked. MLS data is quite fluid and changes to reflect new information.
This particular property is one of those 3 houses sitting on one piece of land situations. you will find a number of them in Strathcona. For what ever reason they have never subdivided the lot. Based on the size 55 x 122 it would result in 18 foot lots assuming equal division. Barely enough to build on. But who knows as the price of land and density increases this may happen in the future. As opposed to ‘Laneway’ houses we may have a new style called the “Slim Jim” 🙂

beard of bees Says:
September 12th, 2010 at 9:42 am

OK. Thanks. That clarifies it.

zrh2yvr Says:
September 13th, 2010 at 10:10 am

I believe I heard about this one. I think its 3 houses on 2 lots. Sounds like a legal nightmare if the paperwork is not in order and someone in the 3 houses starts to cause problems.

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