Greg, we have a similar clause. It is not called the protection period, but the agreement survives at the end of the list, for a named tiem period, when the seller sold to someone with whom the listing agent worked on the UNLESS property the seller`s list of another broker. Exclusive agency list: In an exclusive agency list, the homeowner allows a real estate agent or broker to try to sell the house. However, as with an open offer, you have the right to find a buyer on your own. If you find a buyer by yourself, the real estate agent would not receive a type of commission. Since a list contract is a legally binding contract for a large financial investment, it is important to look for red flags before signing. To save you from a bad real estate experience, you work with a powerful and experienced real estate agent. Your explanation is how I understood to work. I`m sorry for the misinformed realtor. I`m sure the broker must have a small class with that person. Maybe the real estate agent should have a contract period.
Typically, a listing agreement lasts two to six months from the date it is put on the market. Lenchek mentioned that if a home needs a lot of maintenance, or if the owners were in another state, the owner can sign the listing contract in advance, even if it may take two months before you put your home on the market. Although written agreements are not legally required to establish an agency relationship, there are good reasons to include list and buyer/tenant agreements in writing: a list contract entitles a commission to a real estate agent or real estate broker if the property is sold to a buyer introduced by the broker. The safeguard clause stipulates that the broker is entitled to this commission, even if the sale takes place after the expiry of that broker`s list contract. A real estate agent should consider presenting the seller with a list agreement from a party to protect the commission if he finds an open list or FSBO property that he wishes to show.
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