Congratulations! You hired your agent to sell your property for you and they succeeded. As far as this deal goes, you're good to go.
Should the property fall out of escrow and you need to put it back on the market, then you'll want to extend the listing agreement using a Modification of Terms document.
The SoCal Investment Real Estate Group
Sothebyâ€™s International Realty
The highest form of wisdom is kindness. â€”The Talmud
The answer to your question depends on what kind of listing agreement you have used. If it is the C.A.R. form, which is an employment contract with the Listing Brokerage then the listing broker has met the terms of the agreement if a ready, willing and able buyer is procured and you accept the offer of the buyer. In the C.A.R. Form it even covers the contingency if the agreement were to expire during escrow. In your case, and if you used the C.A.R. form without any amendments, then you do not have to close escrow in a month's time just because your listing agreement is expiring. If you do not renew the listing agreement, the escrow still continues and the buyer's offer is valid.
President & Broker
United America Realty
Since you are a California Seller, the following California Realtors deserve kudos for the best answers:
@Bob Khalsa: Right on!
@Jodi Summers: Totally correct!
And a Shout Out to the inestimable Out-of-State denizen of Seattle ...
@Mack McCoy: 2 thumbs up for your absolutely correct and completely non-sarcastic response!!
Since you are in escrow I would extend the congract. The escrow is still in tact because your agent was the procuring cause.
The Carrabba Group
Kelelr Williams Hollywood Hills
So do you have a offer agreeement along with a listing agreement? Which broker is holding the escrow - listing brokeror buying broker? I am not sure how the CA contract reads, but typicallyanswers to questions like these tend to turn back to how the contract is written.
I am not a real estate attorney, but from your information, if this were in SC, the listing agreement lies with the broker of the real estate agency .... if there is a purhase offer on your home it is a legally binding document with a commission agreement with the brokers involved.
Not sure why you would not renew the listing agreement if there is a purchase offer in the process?
Bottom line: how does the contract read?