Home Selling in Fargo>Question Details

Hagen, Both Buyer and Seller in Fargo, ND

Do we still have to pay the realtors if they didn't get our closing done by the date on the contracts?

Asked by Hagen, Fargo, ND Fri Jun 29, 2012

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Unless there's some rather odd clause in your listing agreement, yes. It's generally contingent upon the home closing, regardless of the closing date in the purchase contract.
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0 votes Thank Flag Link Fri Jun 29, 2012
What contracts?

If you are talking about the sale contract on the purchase/sale of a property, usually the date specified
in the sales contract states on or before a certain date..... but what if there is a delay in the buyer getting his loan approved.... and if there are 2 attorneys involved they are not always available becaue of court dates etc. More often than not, have I seen a closing date being moved just because whatever date was agreed upon at one point cannot be kept by some circumstance. usually it is only a few days or a week, unless the lender needs a bit more time. And then the parties of the sale will agree to move the date by mutual agreement.

Now when you have a signed sales contract between a Seller and a Buyer, that is between the
Buyer and the seller, and the Realtors on both sides where party to the negotiations of the finally agreed upon sale price and terms, but the contract itself is between the buying and selling party.

Certain terms and times/dates have to be kept for inspection etc. and then loan commitment letter and other and then yes there is a date in the contract which all parties will attempt to keep, but
could be changed if need be.

If you are the seller you want the money at the closing table and if you are the buyer you still want to
buy the home what are a few days earlier or later, usually not a big problem

And to you question assuming YOU are the seller, yes you owe the total amount of commission
at the closing table out of the proceeds of the sale...... You had a listing agreement in writing with
the listing agent and his or her Brokerage.....

Hope this helps you a little.....
Unless I do not have all the information for your specific case.

Sincerely yours,
Edith YourRealtor4Life & Chicago and Northern Illinois Expert
Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
Covering for @Properties the city of Chicago, all N and NW suburbs, the fine homes on the
North Shore, and many of the W and SW suburbs, and with her trusted Partner Agents all of
the US and worldwide properties. Edith speaks French, German, some Spanish and other.....
@Properties, 30 Green Bay Rd, Winnetka, Illinois 60093 ---- EdithDoesItRight@yahoo.com or EdithSellsHomes@gmail.com Check out my website at htttp://www.tinyurl.com/MeetEdithHere
get to know me better and learn about my experience, expertise, services available and letters of recommendation of former clients..... Also you can sign up on my site to search for properties in my expanded service area. HAVE THE MOST WONDERFUL DAY :)
0 votes Thank Flag Link Fri Jun 29, 2012
Yes, if it actually closes. Why wouldn't you?
0 votes Thank Flag Link Fri Jun 29, 2012
My experience is that if the purchase agreement says "close on or before June 20th" and it doesn't, the date legally has to be changed and initialed by seller and buyer to cover the closing date. The lending institution also requires this. If this is a listing and the listing agent doesn't have the listing contract to cover the closing date, this also has to be extended to cover the closing date. The listing agent could lose their commission if the date of closing goes past the listing contract.
0 votes Thank Flag Link Fri Jun 29, 2012
Sadly for you, yes you will. If it closes then you will owe the commission assuming you are the seller. Is there some reason you think the Realtors held it up and made it go past the closing date? Those dates are targets you aim for but rarely set in stone. You said contracts, was there more than one contract?
0 votes Thank Flag Link Fri Jun 29, 2012
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