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Old 02-27-2014, 06:37 PM
 
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We signed a 45 day listing agreement with our realtor in the fall. She thought our home would sell during that (supposedly hot) time. The house did not sell and we took it off the market when the 45 day term was up.

We were unhappy with our realtor. Now we are ready to re-list our house again, possibly with another realtor. However, our listing agreement with realtor #1 says the "Protected Period" in which we have to pay her a commission if a buyer who has previously looked at or made an offer on our home buys it after our listing with her expires. On the Sellers Listing Agreement, the "Protected Period" is written in as 180 days.

This 180 days seems rather long to me. I'm curious is this length of the Protected Period is the usual # of days or is longer than normal. On a new contract, I'd like to make that a shorter length of time. We are in Georgia. Any input?
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Old 02-27-2014, 06:42 PM
 
Location: Salem, OR
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180 days is common out here too, but state law says that a consumer can't be held liable for that commission with agent #1 if they relist with a new agent. So once you relist, that protection period is terminated per Oregon law. I assume other states are similar otherwise consumers would be stuck with an agent forever.
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Old 02-27-2014, 06:44 PM
 
Location: Columbia, SC
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I usually do 180 days. Our agreement states that a new listing voids the protection period. It's designed to prevent unscrupulous sellers from going behind the agents back, not prevent you from moving on to another agent after expiration. Check the terms and see if yours is void upon relisting.
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Old 02-27-2014, 07:43 PM
 
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The contract we signed has a Survival paragraph near the end of the contract under Commission. It says:

"23. Survival: The commission rights of broker and the commission obligations of Seller set forth herein shall survive termination of expiration of this Agreement."

Does this mean if I list with agent #2, Agent #1's protection period is NOT terminated?

Last edited by staywarm2; 02-27-2014 at 07:57 PM..
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Old 02-27-2014, 07:48 PM
 
Location: DFW - Coppell / Las Colinas
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Talk to the new agent you want to use, they can guide you. The new listing agreement would be in effect and kill the old protection period.

How are they going to know your Buyer looked at the house back in the Fall ?
We have to give the client a list of anyone we want protected.
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Old 02-27-2014, 08:03 PM
 
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We did have 2 (lowball) offers which we didn't accept, so Agent #1 would possibly know about them if one of those 2 buyers decided to return and offer a higher amount.
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Old 02-27-2014, 08:05 PM
 
Location: DFW - Coppell / Las Colinas
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Again, talk to your new agent. Signing a listing agreement with him would basically kill the Protection period.
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Old 02-27-2014, 11:45 PM
 
Location: El Dorado Hills, CA
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Our protection clause requires we submit a list of buyers that apply w in a certain number of days. Did yours? Did your agent submit it?
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Old 02-28-2014, 10:30 AM
 
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Default List of Buyers?

Quote:
Originally Posted by NinaN View Post
Our protection clause requires we submit a list of buyers that apply w in a certain number of days. Did yours? Did your agent submit it?
No, she didn't give us any list or anything else. I think she assumed we would re-list with her.
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Old 02-28-2014, 11:37 AM
 
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Default Protection Period Killed with New Agent?

Quote:
Originally Posted by Rakin View Post
Again, talk to your new agent. Signing a listing agreement with him would basically kill the Protection period.
We both read our real estate contract thoroughly, and nowhere does it mention the Protection Period being killed if we sign with a new agent. Is this verbiage that is usually in the contract or is it an assumed fact that agencies know about and honor?
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