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Real estate contract - holdover clause disclosure

Jeffj60 (5 months ago) - Toronto, ON
(4 people answered this question)
  • Realtor Pro   (5 months ago)

    I don't exactly understand your question; but the holdover clause doesn't really need any disclosure. First of all, it is your REALTORS responsibility to ensure you understand every clause on any doccument they give you to sign, that includes the holdover cluase on both the Listing agreement and the BRA (Buyer Representation Agreement). What the holdover clause means is that for a specific number of days after the termination of the contract (60 or 90 are common) if you purchase a home that the REALTOR showed you when you were under BRA or if a purchaser buys your property and was initially introduced to your property when you were under a Listing Agreement then that REALTOR is entitled to their commission. This means that if your contract expires on Friday and a prospective buyer sees your home on Thursday even if they buy your property on Saturday (the day after expiration) the REALTOR is entitled to their commission. The only way that the holdover clause does not apply is if when your contract expires or is legally cancelled by both parties you hire a new agent, then you are only responsible to pay the new agent, not both. I hope this answers your question, but if you need more clairification please send me an e-mail or call me and I will help you out. apatterson@sutton.com 416-891-2931

     
  • Realtor Pro   (4 months ago)
    http://www.listwithgowest.com/ Richard Sobolewski

    There is no holdover clause disclosure, It looks like you're asking about the holdover clause, which is explained in details above, but if you have more doubts, please contact myself, thanks,

     
  • Realtor Pro   (4 months ago)

    The question is very well explained at the above answer.

     
  • Realtor Pro   (4 months ago)

    Good answer Andrew.

     
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