Quote:
Originally Posted by Acura604
we didn't want to be held back from re-listing with a better realtor immediately at expiration - with his sneaky ass tactic, he would have a legal contract in place to guarantee his commissions within 2 months after expiration if it sold with another realtor.
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Maybe sneaky in the way he presented it, but it's pretty standard practice from what I remember. In fact if you look through your original listing agreements, that same 60 day cancellation clause may very well be there as well.
Years back, we had initially listed our unit with a realtor who lives in our building and who we thought had ample connections to mainland Chinese buyers. Timing for the listing wasn't good, but we had just bought bought our house and wanted a smooth transition. Anyways, she tried for a couple of months wasn't able to help us sell our place leading up to Christmas and suggested we pull the listing and re-list in the Spring. We did sign a cancellation contract which also had the same 60 day commission clause, which she was fine to nullify.
This was back in when dual representation was allowed though, so I could see why it's there. Say you hire a realtor, they put together a package to market your place, run some open houses, drum up some interest, etc etc. The buying realtor/party then somehow find a way to contact you directly and cuts the selling realtor out (maybe save you some money, save the buyer some money, buying realtor acts as dual agent and makes more than they would in the 'normal' way, etc etc), and very easily the person that did the actual work gets squeezed on the deal. So I guess I agree with the spirit of this clause, but obviously some jerkfaces will exploit every last bit for a quick buck here and there.