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Under what circumstances would an agent be entitled to a…

Under what circumstances would...

Under what circumstances would an agent be entitled to a commission if the sale does not close (see line 41 of standard WI listing contract.

Lawyer's Assistant: What steps have been taken so far? Has any paperwork been prepared or filed?

Assume that it has.

Lawyer's Assistant: Have you talked to a WI lawyer about this?

No, although I am listing property in WI I do not reside there.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Just wondering what line 41 means

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Answered in 9 minutes by:
3/27/2018
Ray
Ray, Lawyer
Category: Legal
Satisfied Customers: 48,277
Experience: 30 years in civil, probate, real estate, elder law
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Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question and respond.

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COMMISSION:

Broker's commission shall be

.

Seller shall pay Broker's commission, which shall be earned, if, during the term of this Listing:

1) Seller sells or accepts an offer which creates an enforceable contract for the sale of all or any part of the Property;

2) Seller grants an option to purchase all or any part of the Property which is subsequently exercised;

3) Seller exchanges or enters into a binding exchange agreement on all or any part of the Property;

4) A transaction occurs which causes an effective change in ownership or control of all or any part of the Property; or

5) A buyer is procured for the Property by Broker, by Seller, or by any other person, at no less than the price and on

substantially the same terms set forth in this Listing and in the standard provisions of the current WB-11

RESIDENTIAL OFFER TO PURCHASE, even if Seller does not accept this buyer's offer. (See lines 215-218

regarding procurement.)

A percentage commission, if applicable, shall be calculated based on the purchase price if commission is earned under 1) or 2)

above, or calculated based on the list price under 3), 4) or 5). A percentage commission shall be calculated on the fair market value

of the Property exchanged under 3) if the exchange involves less than the entire Property or on the fair market value of the Property

to which an effective change in ownership or control takes place, under 4) if the transaction involves less than the entire Property.

Once earned, Broker's commission is due and payable in full at the earlier of closing or the date set for closing, unless otherwise

agreed in writing. Broker's commission shall be earned if, during the term of the Listing, one owner of the Property sells, conveys,

exchanges or options an interest in all or any part of the Property to another owner, except by divorce judgment.

Here if you enter into a contract of sale they get paid as per the terms above it closes or not.

I appreciate the chance to help you today.Thanks

If you can positive rate 5 stars it is much appreciated.

Ray
Ray, Lawyer
Category: Legal
Satisfied Customers: 48,277
Experience: 30 years in civil, probate, real estate, elder law
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Ray and 87 other Legal Specialists are ready to help you
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Customer reply replied 3 months ago
Thanks! It looks as if in an ordinary sale (with no extraordinary circumstances) the commission is paid at closing.

Yes thats correct,have a great afternoon.

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