The protection period provided in a list contract is specifically intended to protect the real estate agent. For a number of days after the expiry of the contract, if one of the potential buyers that the seller`s agent actually brought into the house, then you will still be indebted to them for the commission. Exclusive right to sale: a contractual agreement under which the stockbroker acts as an agent or as a legally recognized non-agency representative of the seller (s) and the seller (s) agrees (s) to pay a commission to the listing broker, whether the property is sold by the efforts of the stockbroker, seller or another person; and a contractual agreement under which the stockbroker acts as an intermediary or as a non-agent representative of the legally recognized seller (s), and the seller (s) engages, to pay a commission to the broker, whether the property is sold by the efforts of the broker, seller or anyone else, except that the seller may designate one or more individuals or legal entities as exceptions in the listing agreement and that if the property is sold to an exempt individual or corporation, the seller is not required to pay a commission to the stock exchange. (Modified 5/06) As a general rule, the listing contract also includes a list price for the property and an expiry date until the contract expires. However, if the property is sold at a lower or higher price, the seller pays a commission of a proportionally lower or higher amount. If the seller does not accept a price below the list price, the broker will have to wait for a satisfactory sale to win the commission. «99% of the time the listing agreement is a rating agreement in which list agents are responsible for everything,» Said Lenchek. Since a list contract is a legally binding contract for a large financial investment, it is important to look for red flags before signing. To save you from a bad real estate experience, you work with a powerful and experienced real estate agent. The listing of a property usually causes some expenses for the listing broker and requires some time and effort for the seller. To make it interesting, they want to have some minimum list period to have a good chance of selling the property.
However, the listing contract must have an expiry date. A typical reference period is often three to six months.