Real estate agents owed commissions by Exit Realty on the Rock will get paid
After a week of uncertainty, PricewaterhouseCoopers has confirmed that real estate agents owed outstanding commissions from Exit Realty on the Rock will get paid.
PWC is handling the receivership for Exit Realty on the Rock after the province suspended its licence last week.
On Friday night, officials from the firm sent a release to the Newfoundland and Labrador Association of Realtors confirming that the commissions would be paid.
The commissions will be paid to all agents who have been involved in sales with Exit Realty on the Rock, including those who work with other firms.
BREAKING: Pricewaterhousecooper has assured agents they will be paid commissions owed from sales involving Exit Realty On the Rock <a href="https://twitter.com/hashtag/cbcnl?src=hash">#cbcnl</a>—@CochraneCBC
Some realtors were worried that major creditors would be first in line to collect that money, which sources pegged at nearly $1,000,000.
This is an enormous relief to affected real estate agents. My sources says more than $1-million in commissions were on the line <a href="https://twitter.com/hashtag/cbcnl?src=hash">#cbcnl</a>—@CochraneCBC
In the release, PWC said it determined that the commissions owed to the agents are held in trust and real estate agents will be paid subject to normal deductions and advances made by the company.
Here is the letter to the Realtors Association guaranteeing payment of commissions <a href="https://twitter.com/hashtag/cbcnl?src=hash">#cbcnl</a> <a href="https://t.co/X6V6j7Q3nD">pic.twitter.com/X6V6j7Q3nD</a>—@CochraneCBC