Legal Question in Real Estate Law in New Jersey
Realtor's Commission
What happens if our 6 month agreement with our realtor expires, plus the subsequent ''Broker Protection'' period expires, and the realtor brings someone in who buys the house. We are not subject to paying the original agreed upon 6% commission, are we? Thank youl
1 Answer from Attorneys
Re: Realtor's Commission
If your listing agreement and the broker protection period have both expired, your Realtor would be regarded as any other Realtor. Usually, when a Realtor who does not have a listing agreement with you, brings in a Buyer, the Contract for Purchase and Sale will include a provision for Realtor's commission.
If you've already signed the Contract, read it to find out what your commission responsibility is.
If you haven't yet signed the Contract, you may be able to negotiate a commission -- make sure it is correctly stated in the Contract.
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