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-   -   Expired RE agent contract? (https://www.askmehelpdesk.com/showthread.php?t=4728)

  • Mar 29, 2003, 03:26 PM
    bluefish
    Expired RE agent contract?
    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?
  • May 17, 2004, 11:57 PM
    kkemper
    expired RE agent contract?
    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.

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