U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
 
 
Old 02-20-2010, 11:36 AM
 
Location: Colorado Springs, CO
1,571 posts, read 3,415,248 times
Reputation: 1306
No. This doesn't sound right.
If the listing is expiried, the listing is over. Please read your listing agreement - it's important to re-read it!! Typically, the "hold over" is for a client that was shown the house during the listing and then sumbits an offer after the listing has expired. PLEASE RE-READ THE LISTING CONTRACT.

Additionally, a tenant will have a right to reasonable notice prior to any type of entrance on to the property. Your lease may have whatever clause you may wish to include - however, my standard leases allow the landlord to show the property to prospective tenants and/or buyers during the last 30 days of the lease.

I'm sorry, but if the listing contract has expired, the lock box needs to be removed and the key returned.
A landlord tip - Just prior to the new tenant move in - change the locks. It's a simple matter simply remove the exisiting locks and take them to a local locksmith who will re-key the locks.
Best wishes.
Quick reply to this message

 
Old 02-20-2010, 01:43 PM
 
Location: Maine
2,192 posts, read 3,319,353 times
Reputation: 2290
Thank you , all! You are confirming what I thought, and I really don't understand why the agent is being like this.

I already emailed her and told her no to the lockbox staying on, and I am also going to ask her to email me a copy of the listing agreement. We have moved since we signed it and I can't readily put my hands on it.

She has no previous lookers who are suddenly interested -- she's talking about new potential buyers! (All of a sudden? Hmmm.) We have decided that we're not keeping it on the market after it expires (WhoFanMe -- I thought she had said it expired on the 20th) so there will be no new lookers until we put it on the market again.
Quick reply to this message
 
Old 02-20-2010, 01:59 PM
 
Location: Maine
2,192 posts, read 3,319,353 times
Reputation: 2290
Well, heck, I have the listing agreement she sent us by email to renew our contract. The pertinent paragraph:

"The commission as provided above shall be due if the property is sold, conveyed, exchanged, optioned or otherwise transferred within 6 months after the expiration of this agreement to anyone with whom Agency has negotiated unless listed in good faith with another real estate brokerage agency. Negotiation shall include providing information about the property, showing the property, or presenting offers on the property. All rights under this paragraph shall terminate on February 15, 2011."

The new contract she wanted us to sign was to be effective February 15 - August 15, 2010.
Quick reply to this message
 
Old 02-20-2010, 02:08 PM
 
Location: Littleton, CO
13 posts, read 20,835 times
Reputation: 11
There's your key phrase... "with whom Agency has negotiated". So if you sell the home to someone that had shown interest in the home during your listing agreement...then you owe a commission to your listing broker.
Quick reply to this message
 
Old 02-20-2010, 02:13 PM
 
Location: Maine
2,192 posts, read 3,319,353 times
Reputation: 2290
But if the house is no longer on the market, and there are tenants in it, how does that work?

So say the listing expires today -- it would have to be someone that sees it by today, right? Otherwise, if we take the lock box off tomorrow, no one else can get in to see it.

Don't get me wrong, we don't have tenants yet -- if they have someone they showed the house to before make an offer tomorrow, that's cool. It's the implication she made of FUTURE showings for NEW potential buyers that worries me.
Quick reply to this message
 
Old 02-20-2010, 02:34 PM
 
Location: Littleton, CO
13 posts, read 20,835 times
Reputation: 11
You can't be forced to sell the house. That clause applies IF you sell the house to someone who previously saw it. For example, you're outside and someone drives up and says, "Your agent showed me the house last week and we want to buy it." IF you sell it to them, you owe your agent a commission even though the listing agreement has expired.
Quick reply to this message
 
Old 02-20-2010, 02:35 PM
 
Location: Maine
2,192 posts, read 3,319,353 times
Reputation: 2290
That's what I thought, thank you.

I just found it weird that the agent wants to keep the lock box on after the agreement expires so she can show the house to people.
Quick reply to this message
 
Old 02-20-2010, 10:12 PM
 
Location: Gorham, Maine
1,654 posts, read 2,645,687 times
Reputation: 1077
Quote:
Originally Posted by lawmom View Post
Well, heck, I have the listing agreement she sent us by email to renew our contract. The pertinent paragraph:

"The commission as provided above shall be due if the property is sold, conveyed, exchanged, optioned or otherwise transferred within 6 months after the expiration of this agreement to anyone with whom Agency has negotiated unless listed in good faith with another real estate brokerage agency. Negotiation shall include providing information about the property, showing the property, or presenting offers on the property. All rights under this paragraph shall terminate on February 15, 2011."

The new contract she wanted us to sign was to be effective February 15 - August 15, 2010.
That is the standard Exclusive Right To Sell Listing Agreement that most firms in Maine use. In the paragraph above you will see that dates of the agreement. It's current today the 21st in MLS, by the way.

Feb 15, 2011 is a year from now, either the agreement expires in August 2010 or the date should be 6 months from now and not 12!

Last edited by WhoFanMe; 02-20-2010 at 10:17 PM.. Reason: Added new paragraph
Quick reply to this message
 
Old 02-20-2010, 10:21 PM
 
Location: Gorham, Maine
1,654 posts, read 2,645,687 times
Reputation: 1077
Quote:
Originally Posted by lawmom View Post
But if the house is no longer on the market, and there are tenants in it, how does that work?

So say the listing expires today -- it would have to be someone that sees it by today, right? Otherwise, if we take the lock box off tomorrow, no one else can get in to see it.

Don't get me wrong, we don't have tenants yet -- if they have someone they showed the house to before make an offer tomorrow, that's cool. It's the implication she made of FUTURE showings for NEW potential buyers that worries me.
Yes, absolutely. Once the listing expires the relationship has severed (and you will probably get several soliciations from competitors to list). If there are any lookers that were introduced to the property by that agency AND they submit an offer that you accept within that carryover period, then you would owe the commission you committed to in your agreement. At the same time, you agent would owe you all of the duties promised to you from the day she took the listing - not such a bad deal, that's why you hired her in the first place. In my experience this scenario almost never happens, it was probably put into place to protect parties from skirting the agents they hired by waiting for the listing contract to expire before agreeing to a transaction.
Quick reply to this message
 
Old 02-21-2010, 07:22 AM
 
Location: Maine
2,192 posts, read 3,319,353 times
Reputation: 2290
Quote:
Originally Posted by WhoFanMe View Post
That is the standard Exclusive Right To Sell Listing Agreement that most firms in Maine use. In the paragraph above you will see that dates of the agreement. It's current today the 21st in MLS, by the way.

Feb 15, 2011 is a year from now, either the agreement expires in August 2010 or the date should be 6 months from now and not 12!

Yes, this was from the agreement she sent us to renew this time and I just copied and pasted it here.
Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


 
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:
Over $84,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate

All times are GMT -6.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top