Home Buying in 22655>Question Details

Dog Lover, Home Seller in Appleton, WI

Can anyone please tell me what Wisconsin state law states regarding length of time to pay commission to a former realtor?

Asked by Dog Lover, Appleton, WI Thu Jul 5, 2012

I had a home listed with a realtor for a year and a half. I decided to let the contract expire and put it up for sale by owner. I was recently contacted by a party who had toured it with the realtor last year. They are interested but at a very low price. I am not willing to let it go at this price if I am obligated to pay my former realtor 6%. I have seen conflicting numbers as to the length of time realtors collect their commission...one year, 90 days. Can anyone please tell me what Wisconsin state law says. My contract does not specify!

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Answers

3
Denny Phipps’ answer
Dear Dog Lover,

All your obligations are defined by your Listing Agreement, a legally binding contract on both the Seller and the Listing Broker. It would most rare if state law stipulates defaults for such situations normally determined in a negotiated contract. If you know a settlement attorney, you can probably get your question answered for free by a reliable source.

Denny
0 votes Thank Flag Link Thu Jul 5, 2012
A bit late in answering this, but in WI the length a buyer is protected is for one year from the expiration date. Hope this helps anyone in the future.
0 votes Thank Flag Link Fri Apr 12, 2013
If it is not in your contract (and you better be sure), you are not legally obligated. To know what the law is, contact a real estate lawyer.
0 votes Thank Flag Link Thu Jul 5, 2012
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