A civil suit has been filed against former Newton real estate agency Stucky and Associates Realtors and its owner Frank Stucky for more than $600,000 in fees and loan payments. But the owner said he disputes the allegations and intends to file a counter-suit.
Coldwell Banker Real Estate Company has filed a suit in Harvey County District Court against Stucky and Associates, formerly doing business as Coldwell Banker Stucky and Associates Realtors, and against owner Frank Stucky as an individual.
According to the terms of the residential franchise agreements Stucky and Associates made with Coldwell Banker in the early 1990s for locations in Newton, Wichita and El Dorado, Stucky and Associates was obligated to pay to CBREC various fees, including royalty fees of 6 percent of gross revenue it earned in connection with its real estate brokerage business and a national advertising fee of 2 percent of its gross revenue, both subject to monthly minimum and maximum amount, commonly called franchise fees. According to court documents, Stucky owed $39,423 in franchise fees as of July 2008. Continue reading…
