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Closing Falls Through, so No Commission Owed, Right? Not so Fast...

If ever there were a situation that literally defined the term "The Devil is in the Details", the part about payment of commission on a sale that does not happen would definitely fit the bill. The accompanying article is about a situation that arose in Canada wherein the Broker did, in fact, sue the Seller for the commission plus the interest on same as a result of a Buyer default. While it may sound crazy, be sure that you know the rules for the State in which you live and be doubly sure to ask that question of your RealtorĀ® and/or Broker when signing a Listing Agreement. 


In many cases, unless otherwise stated, the Brokerage may also be entitled to some or all of any retained deposits, again depending on the language specified in the Listing Agreement. In some States the Listing Agreement is standardized and in some States it's not and is written at the Brokerage level, so you'll want to be absolutely certain that you are clear on everything in there and if your RealtorĀ® or Broker struggles to come up with the right answer or seems even the slightest bit confrontational about anything in the agreement, it may be time to find a new one! RealtorsĀ® and Brokers go to great lengths to represent their respective parties, and for a situation like the one described above to arise is extremely rare indeed, but that does not mean that everybody involved shouldn't be aware if the possibility! The more you know... 


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