Question:
Since you can’t cancel a buyer representation agreement that has already expired and you cannot amend something that has already expired, how can you cancel out the hold over period for someone in an expired BRA?
Answer:
Your premise here would be incorrect. You do have a contract already. There were effectively four time periods under the BRA:
- Signing to the effective date,
- Effective date to expiry,
- Holdover period,
- Balance of Time to statutory limitation.
So, you can Amend it, now as required.
You could sue on it now, if you discovered today that they bought through someone else either during time period 2 or 3. So, the BRA is still good. And, naturally, you can waive that right by Amendment.
It is still an enforceable contract between you. The effective time period has come and gone and so has the holdover period. The only outstanding issue would be your discovery of a purchase. That will run for years. That also means that you have an enforceable contract for years.
It may be relied upon for years to come in litigation, which might continue for years as well.
Brian Madigan LL.B., Broker