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Updated over 16 years ago,
Broker contract signed by seller
I have the Agent I want, and have finally seen a listing agreement. We were fine untll line 56 to 72. There are 5 sections re Compensation to be paid to broker, and I've asked for modification to Sections A and B, to Delete C and D, and E Im okay with.
Section A to be Deleted, and Section A now reads:
insert (at lines 56+): At completion of closing with a qualified buyer purchasing the Premises according to the terms and conditions of this Agreement or upon such other price and/or terms as subsequently agreed to by Seller,
Section B modified to add
60. section B: I'm not real comfortable with B. I want an escape clause added:
insert in the appropriate place: If the Seller becomes incapacitated or dies, as attested to by her Primary Care Physician, this agreement immediately becomes null and void with no penalty to the Seller, her Executor/successor Trustees/designees/etc, or her heirs or beneficiaries, no compensation to the listing Broker or agent
C asked to have it deleted. It holds my property hostage and requires me to pay to the broker 6% of purchase price if within 90 days, I sell to anyone introduced to the Premises during the Term or Extended Term of this Agreement by any source whatsoever
How would I know who saw the property?
D asked to have it deleted: requires me to pay to the broker 6% of purchase price if Seller agrees to sell, or transfers the title of all or any portion of the Premises to any governmental entity resulting from an actual, claimed or threatened taking of all or part of the Premises by the governmental entity pursuant to its power of eminent domain;
(that's not even on the listing agreement of another co, but the other4 are...)
Section E modified to read: Section E Now reads: Seller shall pay to the Listing Broker 6% of final sales price if
During the term or Extended Term of this Agreement, a sale of the premises to a qualified buyer is prevented by Seller, (modification follows) unless the Seller dies or becomes incapacitated as determined by her primary Care physician.
She has in the extension that I will sign a 3 month extension. I already told her I would psooibly haave to move into it or rent it, and list this one. I did leave open the possiblilty of relisting it for 3 more months, but those other modifications would have to remain in effect.
What are the chances the Broker will agree?
How much influence does the listing agent have? She has been licensed here for over 20 years, but is very new with this very large RE Company, but it is also relatively new--maybe just a few years old. It's right up there in size with Long Realty.
I may have some strength with the fact that I want to sell 2 houses and replace with either 2, 3, or 4, whatever I'm able to do. And that I would be using the listing agent for most, if not all of that activity.
ofgift