Summit Financial trustee seeks approval to sell commercial property

By Sarah Lizee

Olympia, Wash., Dec. 9 – Summit Financial Corp. Chapter 7 trustee Marc P. Barmat is seeking court approval to enter into a brokerage agreement to sell commercial property located in Broward County, Fla., according to a motion filed Tuesday in the U.S. Bankruptcy Court for the Southern District of Florida.

Kenneth E. Morris of Morris Southeast Group, Inc. and agent Jason A. Welt of Trustee Realty Inc. would list, market and sell the property under the brokerage agreement.

The listing agreement provides for a six-month term, beginning Dec. 3, and a target list price of about $1.91 million.

If there is no buyer’s broker, a brokers’ fee of 6% of the total sale price will apply, to be split between Morris (4%) and Welt (2%). If there is a buyers’ broker, the fee split will be Morris (2.5%), Welt (1%) and the buyer’s broker (2.5%).

Further, the brokers will be entitled to recover reasonable and necessary costs expended relative to the property, which are expected to be up to $1,500.

Plantation, Fla.-based Summit provides financing by purchasing and servicing retail installment sales contracts. The company filed bankruptcy on March 23, 2018 under Chapter 11 case number 18-13389.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.