Realtors have the right to get paid
If agent’s work helped lead to sale of house, he should get his cut
QUESTION: » Our Realtor’s listing agreement expired yesterday. We are going to explore selling privately. Will we owe the Realtor money if we sell in the near future.
ANSWER: » This depends on who ends up buying the home. If the buyer was introduced to your property due to the efforts of your Realtor, a commission is likely owed.
Realtors have this right after a contract terminates, because unscrupulous sellers may ask a buyer to wait until the end of a listing agreement, before accepting an offer.
The listing agreement’s protection clause prevents a seller from “cutting the Realtor out of the deal” just to save a buck.
Also, if the Realtor sets up the deal on the last day of his agreement term, he should earn a commission from the closing which occurs a month later.
Going forward, you should formally terminate your relationship with your Realtor, in writing.
At that point, he must stop working for you, and withdraw the listing with the Multiple Listing Service.
Many folks are afraid to broach this subject with their
Realtors. Don’t feel that it is a personal matter. This is simply business and Realtor is a trained professional.
Attorney James Haroutunian is a Billerica native who runs the Haroutunian Law Office at 790 Boston Road specializing in real estate law, estate planning and business law. He invites questions at 978- 671- 0711, by email at james@hlawoffice.com, www.hlawoffice.com or www.prioritylaw.com.