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View Full Version : Expired RE agent contract?


bluefish
Mar 29, 2003, 03:26 PM
A real estate agent has a standard 3 months contract with a seller, with a reserve for all potential buyers for 90 days after expiration of contract. Agent secures a buyer within the initial 90 days, but problems on part of buyer delays closing for 7 months. When closing takes place, it is more than 6 months after signing of original agent contract, (IE, more than 90 days after the reserve section).
Question: does seller still owe agent the commission?

kkemper
May 17, 2004, 11:57 PM
In most states, the understanding is WHEN THE broker
Procures a buyer. Or when the agent procures one; not how long it takes to close.

IT is usually that simple.

It can take 2 yrs to close, with agreements on both sides and
All parties are eligible for commissions.

Btw--the listing contract almost always says "the listing
Broker has earned his commission when he has brought to the seller, a ready, willing and able buyer." THE listing
Usually says nothing about when the property must close
Escrow.