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Asked almost 5 years ago - New York, NY
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my contract ended with my realtor. in my listing agreement it states that if the property is sold, leased or exchanged within a period of 180 days, the protection period, from the expiration of this listing or any extension thereof to a buyer introduced to the property during the term of this listing agmt. (however, the owner shall not be obligated to pay such commission if a valid listing agreement is entered into during the term of the protection period with another licensed real estate broker and the sale, lease or exchange of hte property is made during the term of the portection period).
Does this mean if i sell my home on my own, I only pay a commission to my selling agent if he/she has shown this potential buyer the home previously, while in contract?
also, is the 180 days a total from when the contract was first signed or is it 180 days after it has expired?
I would appreciate any help, thank, you!
Your interpretation is correct; you owe a commission only if the buyer/renter you contract with was “introduced to the property” during the duration of the listing agreement. A very broad interpretation (which agents have used) holds this to include a buyer/renter who found out about the property through an ad or internet posting placed by the agent, even if the buyer/renter’s first contact was with you, after the listing lapsed. A more reasonable interpretation, and one easier to prove, would be that the buyer/renter has to have had some, one on one, contact with the agent.
The 180 days begins to run on the day the listing lapsed, i.e., the day the listing agreement expired.
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