Kyle :
I’m not sure if it differs from state to state but this in Illinois. I’m not doing anything unethical, I was just wondering for my own knowledge since I don’t know the answer. This is if an agent shows a property to a potential buyer, then the listing expires then that same buyer ends up buying the property the agent showed the buyer after the listing expired. Thanks in advance.
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listing agreements have a protection period clause just in case home is not relisted with another broker. it is probably 6-12 months. it protects listing broker from buyers who look at home and then wait for it to expire.
so if you looked at home while it was listed and then buy home within 12 months the seller will have to pay the full commission. The listing agent will split the commission with the realtor who was most influential in you buying it.
if you wait for protection period to expire no commission will be paid. but that probably means waiting 12 months.
Forever basically. The Agent was the “Procuring Cause” and is the reason that the Buyer became interested in the house. Even if the Listing expires and hen the Buyer contacts the Seller directly and purchases the property; the Agent CAN prove in Court that the Agent showed the house to the Buyer and therefor is entitled to the commision.
READ the listing agreement you signed. . . .it sets it out in full, to advantage of listing agent unless you read and modified it. . .
Buyer has no obligation to listing agent, only seller does.
Disagree with Jenkins about lasting forever, but 6 mos is not uncommon in IL
You need to investigate your own state’s requirements regarding such a situation. In Wisconsin, if an agent shows a property to a prospective buyer, that agent is protected for a commission until one year after such showing. Check with the appropriate folks in YOUR area.