Once your contract period has expired with realtor, is there a time limit when you can sell without using then realtor?
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Once your contract period has expired with realtor, is there a time limit when you can sell without using then realtor?
Contract period is expired more than 6 months. Client was same client brought to us by realtor. Client has now approached us again with a change in his plans, increasing the rental units he plans to build, reducing square footage, changing location of driveway into development and several other minor “things.”
Asked on September 7, 2011 under Real Estate Law, New York
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
You need to carefully read the terms of your expired listing agreement between you and your former real estate agent in that its terms will control whether you are obligated to pay a real estate commission for a person who was interested in the property you were selling but did not close escrow upon and who now has come back to you interested in the property.
There is no requirement that you must use the real estate agent that you had listed the property for sale concerning the interested buyer. The issue is whether or not your former real estate agent is entitled to a real estate commission if you happen to sell the property to this buyer who was introduced to the parcel when it was under a listing.
I recommend that you consult with an experienced real estate attorney over an anticipated offer to buy the property by this possible buyer and to look over the expired listing agreement regarding any possible real estate commission claims.
Good luck.
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