Hopefully the below paragraph from our Colorado contract is helpful. Please feel free to contact me if I can be of additional service.
7.3.3. Any Sale (or Lease if Â§ 3.5.2 is checked) of the Property within calendar days following the expiration of the Listing Period (Holdover Period) to (1) to anyone with whom Broker negotiated and (2) whose name was submitted, in writing, to Seller by Broker during the Listing Period including any extensions thereof, (Submitted Prospect). Provided, however, Seller Shall Shall Not (check one) owe the commission to Brokerage Firm under this Â§ 7.3.3 if a commission is earned by another licensed real estate brokerage firm acting pursuant to an exclusive agreement entered into during the Holdover Period and a Sale or Lease to a Submitted Prospect is consummated. If no box is checked above in this Â§ 7.3.3, then Seller shall not owe the commission to Brokerage Firm.
Irontree Real Estate
Any professional advice on my interpretation of our situation?
Front Range Properties
Sorry things did not work out with your listing agent. The language below is from the Colorado contract. I see you are writing from New Jersey. Let your new listing agent know what happened and have him go over the language in your New Jersey contract that applies to making a change of agents. You should be fine, but don't assume anything until you get good counsel and understand your legal position in whatever state you are in.
Robert McGuire ASR
Your Castle Real Estate
I'm a little unsure of all the details as they relate to Colorado practices - is the home you're selling in Colorado, even though your profile says your in New Jersey? In Colorado, there is a holdover period defined in your listing agreement. IF your ex-agent has negotiated with a buyer (or a buyer's agent) and IF that buyer is on the list of names he needs to give you, and that buyer consummates the sale within the holdover period, you MAY have to pay him some commission. There are several checkboxes on your original listing agreement which will define some of the specifics. If you choose to go with another agent, definitely tell them about the situation and show them your terminated agreement. If the blow-up was for a good reason you won't scare your new agent off - and you may save yourself a lot of aggravation and expense if someone who had looked at the house previously ends up buying it. Chances are your new agent will have more insight based on the particular situation. He or she may very well also suggest you talk to an attorney to be on the safe side. You probably don't want to run the risk of having to pay double commission!
If you are considering re-listing your home, we'd e very interested in chatting in more detail!
Best of luck,
Tony & Karen
It was great of Andy to give you the contract language, is this property in Colorado? If not read through your agreement, it will be similar to the Colorado contract.
Did your former broker drop off a list of buyer names applicable to the hold over clause? When you choose your new broker be sure to inform them of what has taken place. You don't want to get caught up in a commission dispute and you certainly don't want to pay commissions to two listing agents.
Kasha Songer, CRS GRI
Top Producer 2010 and 2008
Preferred Properties, Inc. Opportunity knocks. Experience opens the door.
1041 S Gaylord St. in Washington Park
Denver, CO 80209