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Real Property Law
Broker Breaches Fiduciary Duty By Making Offer That Competes With Client
Edwards v. Walsh NYLJ 2/22/19, p. 28, col. 2 AppDiv, Second Dept. (memorandum opinion)
In prospective purchaser's action against real estate broker for fraud and breach of fiduciary duty, prospective purchaser appealed from Supreme Court's denial of his summary judgment motion. The Appellate Division modified to grant summary judgment on the fraud and fiduciary duty claims, but affirmed denial of summary judgment on purchaser's attempt to impose a constructive trust on the disputed property.
Maureen Walsh, a licensed broker, and Walsh Properties, Inc., a brokerage firm, represented prospective purchaser in his attempt to buy the subject real property in Queens. When Walsh transmitted prospective purchaser's offer to the property owner, Walsh also transmitted her own offer for the same property. The two offers were for the same price, but Walsh's personal offer included a down payment that was twice the size of plaintiff purchaser's down payment. She did not inform prospective purchaser of her offer or of the differential terms. Property owner accepted Walsh's offer. Prospective purchaser then brought this action for fraud and breach of fiduciary duty. As remedies, he sought specific performance and imposition of a constructive trust. Supreme Court denied prospective purchaser's motion for summary judgment, prompting appeal.
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