U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 02-15-2012, 11:27 AM
 
305 posts, read 551,754 times
Reputation: 102

Advertisements

I recently just signed a relase form getting to get out of a contract with our current realtor. The realtor stipulated on the fax cover sheet that their entitled to a commision for anyone who makes an offer through the end of the orignal listing period if the Buyer was brought in through their advertising. Has anyone seen this before? I've gone through the contract and there is a section that states they're entitled to a commisions in the event an offer is made after expriation of the contract, however, the number of days has been "X" out.
Rate this post positively Reply With Quote Quick reply to this message

 
Old 02-15-2012, 12:28 PM
 
Location: Salem, OR
14,713 posts, read 35,598,559 times
Reputation: 14570
Quote:
Originally Posted by NYPhinfan13 View Post
I recently just signed a relase form getting to get out of a contract with our current realtor. The realtor stipulated on the fax cover sheet that their entitled to a commision for anyone who makes an offer through the end of the orignal listing period if the Buyer was brought in through their advertising. Has anyone seen this before? I've gone through the contract and there is a section that states they're entitled to a commisions in the event an offer is made after expriation of the contract, however, the number of days has been "X" out.
So they are giving you a conditional release. You need to request that they give you the names of any prospects that viewed the property or would brought in via their advertising. You would then exclude those prospects from the next listing agent's list.

Yes it is common and they need to give you a list of names.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-15-2012, 07:23 PM
 
Location: Needham, MA
7,194 posts, read 10,990,997 times
Reputation: 6242
This is very common and pretty much a standard part of anyone's listing contract. Odd that they X'ed out the number of days though.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-16-2012, 09:17 AM
 
305 posts, read 551,754 times
Reputation: 102
It may be common, but what right contractually do they have? I never signed anything that stipulated this condition.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-16-2012, 09:32 AM
 
Location: Lakewood Ranch, FL
5,636 posts, read 9,201,001 times
Reputation: 6841
You need to re-read your listing agreement that you signed when you first listed your property with the agent/broker. The section that you mentioned above is probably the section that spells it out. By X-ing out the number of days, it appears that you agreed to pay a commission to the broker for any sale that results from a buyer that saw your property any time between the date of your agreement through to the end date on the agreement. If you don't see it that way, don't be afraid to ask the broker to show you exactly what they claim and why. If you still don't agree (and you need to go this far) you can talk with an attorney.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-16-2012, 09:44 AM
 
Location: Martinsville, NJ
6,162 posts, read 11,856,993 times
Reputation: 3971
Quote:
Originally Posted by NYPhinfan13 View Post
It may be common, but what right contractually do they have? I never signed anything that stipulated this condition.
You signed a contract saying that they were going to market the house until XXX date, and that you would pay them $YYY if & when it sold. Now you are asking them to release you from that contract. Odds are that, as someone else already said, there is a section that spells out your obligation to pay in the event someone sees it during this brokers listing period and buys it later. Even if that is not in the contract, however, it strikes me they are making it a requirement of the release. They're protecting themselves from people who might seek to cancel the agreement after identifying a buyer, hoping to sell to that buyer & "save" the agreed upon fee. If you don't like that stipulation, you aren't required to sign the cancellation, but they aren't required to sign the cancellation without it.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-16-2012, 02:33 PM
 
7,642 posts, read 9,552,521 times
Reputation: 13864
They're doing you a favor by releasing you from the contract, but they're stipulating their right to get paid a commission if you sell during the period of the listing agreement to a buyer which they had procured. Listing agreements aren't to make a sale--they are agreements for a commission to be paid if a ready, willing and able purchaser is found for your property at a particular price. If you'd back out of a sale after a purchaser were found at the listing price, you'd still owe a commission. And, yes, a clause stipulating that a commission is due after the expiration of a contract is pretty standard. It's only reasonable that they would include a similar clause when agreeing to release you from such a contract.

Last edited by jackmichigan; 02-16-2012 at 02:48 PM..
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-16-2012, 03:08 PM
 
Location: Lexington, SC
4,281 posts, read 11,456,375 times
Reputation: 3737
Cross out their X Days, write in a fair amount of time (assuming your not trying to screw them), initial the change, sign it and return it.

Ball in their court...Offer...Counter offer...
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-16-2012, 03:27 PM
 
Location: Lakewood Ranch, FL
5,636 posts, read 9,201,001 times
Reputation: 6841
Quote:
Originally Posted by accufitgolf View Post
Cross out their X Days, write in a fair amount of time (assuming your not trying to screw them), initial the change, sign it and return it.

Ball in their court...Offer...Counter offer...
Not so sure about that. I may be misreading it but no days (as in no number there) means the protection period would end at the listing expiration date. If the OP writes in a number, that would mean the protection period is now expiration date plus whatever number of days are written in. That would be counter productive to the apparent goal of the OP.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-16-2012, 03:28 PM
 
305 posts, read 551,754 times
Reputation: 102
Quote:
Originally Posted by Bill Keegan View Post
You signed a contract saying that they were going to market the house until XXX date, and that you would pay them $YYY if & when it sold. Now you are asking them to release you from that contract. Odds are that, as someone else already said, there is a section that spells out your obligation to pay in the event someone sees it during this brokers listing period and buys it later. Even if that is not in the contract, however, it strikes me they are making it a requirement of the release. They're protecting themselves from people who might seek to cancel the agreement after identifying a buyer, hoping to sell to that buyer & "save" the agreed upon fee. If you don't like that stipulation, you aren't required to sign the cancellation, but they aren't required to sign the cancellation without it.
The clause isn't in the cancellation/release form. They mentioned it on the fax cover sheet.
Rate this post positively Reply With Quote 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.


Reply
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 $104,000 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
Similar Threads

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - 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, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top