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eBook details

• Title: Dubbs v. Striblings & Associates
• Author : Court of Appeals of New York
• Release Date : January 12, 2001
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 59 KB

Description

At issue is whether a real estate broker breached a fiduciary duty owed a principal. For the reasons that follow, we conclude that the Appellate Division properly dismissed plaintiffs' breach of fiduciary duty claim. Because the complaint was dismissed on a motion for summary judgment, the facts are viewed in the light most favorable to the plaintiffs. Plaintiffs placed their Manhattan cooperative apartment on the market in 1994 as an ""open listing."" Under this arrangement, any real estate broker who located a purchaser for the property would be entitled to a commission from plaintiffs. Defendant Stribling & Associates, a real estate brokerage firm, through its agents, defendant Avery Chappel-Smith (a licensed salesperson) and defendant Judith Durham (a licensed broker), showed plaintiffs' apartment to several prospective purchasers. Plaintiffs confided to Chappel-Smith and Durham that they would have preferred to retain their apartment and purchase the adjacent apartment, combining the two into one residence. Because the owner of the adjacent apartment was unwilling to sell, plaintiffs had decided to sell their apartment and purchase a larger property.

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