Realtor contracts - Posted by Todd

Posted by Todd on February 19, 2001 at 21:21:23:


Realtor contracts - Posted by Todd

Posted by Todd on February 18, 2001 at 17:41:19:

I have a question regarding a contract with a Realtor. If the seller finds a buyer during the time the house is listed with the Realtor, and sells right after the Realtors contract expires, are the sellers liable for the commision? Thanks in advance.

Re: Realtor contracts - Posted by Ed Copp (OH)

Posted by Ed Copp (OH) on February 19, 2001 at 11:40:19:

It depends completely on what your contract says. So I suggest you get it out and read it.

Most listing contracts today are of the “exclusive right to sell” type and do contain language that protects the agency, generally for 90 days after the listing expires. The purpose of this is to get the agency paid if, the agency originally found the buyer (even if the new buyer and the seller “cooked up” a scheme to wait until the listine expired to do the sale). Bottom line is if the agency found the buyer the agency wants to be paid for that.

There are other kinds of listings that do not contain this provision, and there are even some types of listings that are non-exclusive. They are mostly used in commercial transactions, and it is doubtful that you have one like this.

Bottom line: get your listing out and read it.