Burt M. Polson - Commercial Real Estate Broker

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"On the hook" with a listing agreement - part 2

In part one we discussed the three basic types of listing agreements.

I left you with the following question regarding the broker getting paid a commission for their efforts: “What if a potential buyer and seller talk and agree that when the broker’s listing agreement period expires they come together, execute a purchase agreement and consummate a transaction effectively cutting the broker out of the transaction and a commission.”

The listing agreement protects the broker for a set period of time against this provided a broker registers all the potential buyers who toured the property or made an offer that failed. If the seller and buyer consummate a sale during the period of time after the expiration of the listing the broker will still receive a commission.

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