we are selling a lot in the Comanche Harbour area of Lake Granbury. It was my FIL's and my wife inherited it after his passing. apparently, you need 2 lots to build on, ours is next to a HOA owner property that is also up for sale.
a realtor sent over a listing contract and I am concerned over the verbiage about seller payment to broker. I have no qualms paying broker when property sells... however, the verbiage is a tad confusing.... is this a normal compensation description???
thanx folks,
5. BROKER COMPENSATION:
A. When earned and payable, Seller will pay Broker:
(1) % of the sales price.
x (2) 1000.00 .
B. Earned: Broker's compensation is earned when any one of the following occurs during this Listing:
(1) Seller sells, exchanges, options, agrees to sell, agrees to exchange, or agrees to option the Property to anyone at any price on any terms;
(2) Broker individually or in cooperation with another broker procures a buyer ready, willing, and able to buy the Property at the Listing Price or at any other price acceptable to Seller; or (3) Seller breaches this Listing.
C. Payable: Once earned, Broker's compensation is payable either during this Listing or after it ends at the earlier of:
(1) the closing and funding of any sale or exchange of all or part of the Property;
(2) Seller's refusal to sell the Property after Broker’s compensation has been earned;
(3) Seller’s breach of this Listing; or
(4) at such time as otherwise set forth in this Listing.
Broker's compensation is not payable if a sale of the Property does not close or fund as a result of:
(i) Seller's failure, without fault of Seller, to deliver to a buyer a deed or a title policy as required by the contract to sell;
(ii) loss of ownership due to foreclosure or other legal proceeding; or
(iii) Seller's failure to restore the Property, as a result of a casualty loss, to its previous condition by the closing date set forth in a contract for the sale of the Property.
a realtor sent over a listing contract and I am concerned over the verbiage about seller payment to broker. I have no qualms paying broker when property sells... however, the verbiage is a tad confusing.... is this a normal compensation description???
thanx folks,
5. BROKER COMPENSATION:
A. When earned and payable, Seller will pay Broker:
(1) % of the sales price.
x (2) 1000.00 .
B. Earned: Broker's compensation is earned when any one of the following occurs during this Listing:
(1) Seller sells, exchanges, options, agrees to sell, agrees to exchange, or agrees to option the Property to anyone at any price on any terms;
(2) Broker individually or in cooperation with another broker procures a buyer ready, willing, and able to buy the Property at the Listing Price or at any other price acceptable to Seller; or (3) Seller breaches this Listing.
C. Payable: Once earned, Broker's compensation is payable either during this Listing or after it ends at the earlier of:
(1) the closing and funding of any sale or exchange of all or part of the Property;
(2) Seller's refusal to sell the Property after Broker’s compensation has been earned;
(3) Seller’s breach of this Listing; or
(4) at such time as otherwise set forth in this Listing.
Broker's compensation is not payable if a sale of the Property does not close or fund as a result of:
(i) Seller's failure, without fault of Seller, to deliver to a buyer a deed or a title policy as required by the contract to sell;
(ii) loss of ownership due to foreclosure or other legal proceeding; or
(iii) Seller's failure to restore the Property, as a result of a casualty loss, to its previous condition by the closing date set forth in a contract for the sale of the Property.
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