What is a protective list in real estate?

The protective list, in turn, is a written list of names and addresses of prospective buyers with whom an agent has negotiated the sale of the property or to whom an agent has shown the subject property before the expiration of the listing agreement.

What is a protection period in real estate?

The protection period in a listing agreement is specifically there to protect the real estate agent. For a certain amount of days after the contract expires, if any of the potential buyers that the seller’s agent brought in actually buy the home, then you will still owe them the commission.

What is a protected buyers list?

Let’s first begin with a basic overview of protected buyers. Who are protected buyers? They are buyers, who, during the term of the listing: (1) submitted a written offer to purchase the protected property; (2) negotiated directly with the seller; (3) attended an individual showing; or (4) “negotiated” with a broker.

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What is a protected buyer in real estate?

A safety protection clause in a listing agreement entitles the real estate broker or agent to a commission after the listing expires or is canceled. … A safety protection clause is designed to ensure that a broker receives fair compensation for their work and to prevent collusion between buyers and sellers.

What is a protective clause?

In any contract, the parties to the contract have obligations to perform. Accordingly, “protective” clauses are contained in contracts, such as in charterparties, to exempt one or both parties from becoming liable or which reduce liability. … Protective clauses could operate to affect both parties.

Do Realtors get paid if house doesn’t sell?

Listing agreements vary and each is individually negotiated. They may include contingencies that require sellers to pay a commission even if the home doesn’t sell.

Can I sell my house privately after listing with an estate agent?

Sole selling rights agreement – The estate agent in the contract is the only one allowed to sell your home during the period stipulated on the agreement. So you will have to pay the estate agent, even if you find your own buyer. So if you found a buyer yourself, you’d have to wait for the contract period to end.

How long is the safety protection clause?

The agreement also contains a ten- year safety clause.

What are the three most common types of listings?

What are three most common types of listing? Open listing, exclusive right to sell listing, and exclusive agency listing thing.

How do I protect my commission?

Protecting Your Commission

  1. Never address commission until you’ve established value. …
  2. Selling a house is a complicated process worthy of hiring a professional. …
  3. Identify the tools that successful agents use. …
  4. Explain your marketing plan. …
  5. Remind them that you’re a full-time agent.
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Which document is the most important at closing?

The most important originals are the purchase agreement, deed, and deed of trust or mortgage. In the event originals are destroyed, you might be able to get certified copies of these documents from the lender or closing company, but you don’t want to rely on others’ recordkeeping systems unless you have to.

Which listing best protects a broker with respect to receiving compensation?

Exclusive right to sell listing: In this agreement, the agent gets paid no matter who sells the property, regardless of whether it’s the agent or the seller.

What does agent protected mean?

It means that although the owners haven’t entered into an exclusive listing agreement with a RE firm to market their house, they will pay any agent a fee or commission for procuring a buyer for their house. Like.

Why are protective clauses needed?

“Protective provisions” provide rights to preferred stockholders to approve certain decisions made by, or with respect to the company. These approval rights are of critical importance to a company and its investors and often involve significant negotiation.

What is a broker protection clause?

To protect brokers in this instance, most listing agreements have what is known as a “broker protection clause,” also known as an “extension clause” or “tail provision.” The broker protection clause provides that if the owner contracts to sell the property with a buyer who was procured by the broker within a specified …

What do contingency clauses do?

A contingency clause is a contract provision that requires a specific event or action to take place in order for the contract to be considered valid. If the party that’s required to satisfy the contingency clause is unable to do so, the other party is released from its obligations.

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