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Hi all and thanks in advance for your help. I listed my condo with an agent for 6 months, terminated contract 3 months in and understand that I cannot list my place until the end of the contract period. That said, I am concerned about how prospects who saw my home during those 3 months are treated if they end buying my home as an FSBO. Does the original broker (who showed my home way way back) get a piece of commission because of this.? Here are the possible scenarios I'm unclear about:
--Original listing agent's buyer comes in to see my home again and ends up buying during FSBO period. Who gets commission...bottom line is I only want to pay out 2.5% and that's it. So if an agent from Agency 1 brings a buyer to a home originally listed by Agency 2 and buys, is everyone getting paid in this scenario? Or, does the agent have to split the 2.5% with the original listing agent??
--Is it OK for me to ask for a list of names of the 15 or so prospective buyers that came through during the listing period? Because let's face it, if I'm doing all of the legwork myself, I do not want to pay out any more than I have to.
Most listing agreements have a protection period during which, if someone who saw your house due to the efforts of the listing agent purchases it, you still owe the full commission as spelled out in the contract you signed. (Yes, it is a legally binding contract.) I'd recommend looking at your copy of the listing agreement to see if, indeed, your listing agreement contained a protection period and if so, how long it is. Usually the listing agent is required to provide a list of names of those who found the property during the listing, so that the seller will be clear on when this applies. If so, that will be in there as well.
The reason the protection period exists in the contract is that there are unethical sellers and buyers out there who will, once the buyer has found the home due to the listing agent's efforts, agree separately to wait until the agreement expires or is terminated, and then the buyer will purchase the home from the seller, deliberately not paying the agent or agents for their work.
I doubt the listing agency is going to sue you for damages unless the condo is really expensive. Is it worth the $1,000s in legal bills for a $4-5K commission?? Probably not.
I doubt the listing agency is going to sue you for damages unless the condo is really expensive. Is it worth the $1,000s in legal bills for a $4-5K commission?? Probably not.
You can handle this is many small claims courts across the country for $80. Small claims goes up to $7500 here.
Most listing agreements have a protection period during which, if someone who saw your house due to the efforts of the listing agent purchases it, you still owe the full commission as spelled out in the contract you signed. (Yes, it is a legally binding contract.) I'd recommend looking at your copy of the listing agreement to see if, indeed, your listing agreement contained a protection period and if so, how long it is. Usually the listing agent is required to provide a list of names of those who found the property during the listing, so that the seller will be clear on when this applies. If so, that will be in there as well.
The reason the protection period exists in the contract is that there are unethical sellers and buyers out there who will, once the buyer has found the home due to the listing agent's efforts, agree separately to wait until the agreement expires or is terminated, and then the buyer will purchase the home from the seller, deliberately not paying the agent or agents for their work.
This protection period in the listing contract isn't relevant because the listing contract was terminated by the broker.
OP: What did the termination agreement say that the agent signed? Should probably spend a few hundred bucks and get it run by a lawyer
This protection period in the listing contract isn't relevant because the listing contract was terminated by the broker.
...
I didn't interpret it that way, I got that the OP "terminated" after 3 months.
Quote:
...I listed my condo with an agent for 6 months, terminated contract 3 months in and understand that I cannot list my place until the end of the contract period....
It is a bit unclear, perhaps the OP can clarify the circumstances. Since the OP can't list again until the end of the contract period, it seems the original agreement is still active.
This protection period in the listing contract isn't relevant because the listing contract was terminated by the broker.
OP: What did the termination agreement say that the agent signed? Should probably spend a few hundred bucks and get it run by a lawyer
We all have opinions, but based on your repeated comments on threads I'm concerned about the advice you give. It is quite possible in the scenario described the OP would have to pay a full commission. In your case, you seem to be extremely anti-agent. What qualifications do you have to be giving real estate advice?
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