How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask J. Warren Your Own Question
J. Warren
J. Warren, Lawyer
Category: Real Estate Law
Satisfied Customers: 2242
Experience:  Experience in residential real estate and commercial leases.
Type Your Real Estate Law Question Here...
J. Warren is online now
A new question is answered every 9 seconds

I have a contract to sell my home on august 12 'the 6 month

Customer Question

i have a contract to sell my home on august 12'the 6 month real estate contact will expire on July 31,
since the closing is after the real estate contract expire the realtor wants to have a 1 month extentionthe question is do i have barganning power in regards ***** ***** can i reneogiate another contact vs have it extended?if so how would i do this?thank youGary
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  J. Warren replied 1 year ago.

Is there a stated "protection period" usually paragraph 4 under standard real estate listing forms?

Customer: replied 1 year ago.
its coldwell banker agreement I dont have it in front of me currently but I assume there is? is there a diffrence?
Expert:  J. Warren replied 1 year ago.

Usually there is a "protection period" stated in the agreement. Usually in the ballpark of 60-180 days. If there is no protection period, it could be argued that the agreement ended on the expiration date and you can obtain a new broker or the law permits that a new agreement with another broker during the protection period will end the original agreement.

However, it is unlikely that a judge would not order commissions be paid if a buyer is secured during the listing period and yet does not close until after the expiration of the listing agreement. In other words, if you did not have an offer and closing date then you may get away with negotiating new terms. The fact that a buyer is willing and able to purchase and a closing date is set you would take a big risk ditching the realtor and claiming no commissions are owed.

It could be used as a negotiation for a reduced commission fee. I do not how much leverage you would have but it is very strange that the Realtor is asking for an extension other than being overly cautious.

All my best and encouragement. Thank you for allowing me to help you with your questions. I realize this was not the answer you were hoping to receive however I have done my best to provide information which truthfully addresses your question. If you have any follow up questions, please ask! Please press a positive rating above this message box in the ratings section so I will be paid for my time assisting you on this matter. Pressing a positive rating will not cost any additional money - it is simply the trigger used by Just Answer to pay me for my time (pressing the middle star or the fourth or fifth star on the right are all positive rating buttons).

Customer: replied 1 year ago.
I didnt want to change real estate brokers or Not pay her but can I negogiate a new commision rate between when the contact expired and the closing date? therei s no protection period in the contact
the realtor wanted to " extend the contact by a monththe closing date was already pushed back from the 30th of July to august 12 who knows is aug 12 is a solid date
Expert:  J. Warren replied 1 year ago.

There is nothing unlawful about negotiating that a new commission rate be consideration for your agreement to extend the listing agreement. However, there is no clear leverage that you have in this case to negotiate strongly for a new rate. In other words, you can use the fact the agreement has expired and the Realtor wants an extension, but you still have risk of more headache and possible future litigation over the commission if an agreement can not be reached. Both parties have some risk however if a deal can not be reached which gives the parties incentive to agree to some form of modification.

Customer: replied 1 year ago.
I would thnk the realtor who has the sale in hand and Coldwell banker would agree to a reduce fee schedule as they would like to be paid? all i can do is ask right?>
Expert:  J. Warren replied 1 year ago.

Won't hurt. I am surprised they didn't spell out a protection period but that has opened the door for you. Good luck.

Hello again gentle reminder to rate my service. Pressing a positive rating will not cost any additional money - it is simply the trigger used by Just Answer to pay me for my time (pressing the middle star or the fourth or fifth star on the right are all positive rating buttons). I am simply touching base. Let me know. Thanks!

Customer: replied 1 year ago.
if I ask the realtor for a reduction in fees and she balks at it and the contract expired what do i do next?
Expert:  J. Warren replied 1 year ago.

As I mentioned you don't have a lot of leverage here but the fact is that there technically is no protection period clause and there is possibility that this could end up in litigation and to avoid that and costing legal fees something should be worked out. So you may state that its not your fault there is no protection period in the original contract so it would seem appropriate as consideration for an extension that a reduction in commission be provided.

However, as stated, not a lot of leverage and just a lot of headache at the end of the day if this reaches impasse. If I'm in your shoes I am trying to get a reduction but if she is completely unwilling I am not going to push too hard and move on with getting the house closed and begin writing a new chapter.

Related Real Estate Law Questions