Commission when Divorce Listing Terminated
Question
What happens with divorce sale which is terminated in the early stages? For example, you list a home, half-way through the listing, one spouse wants to buy out the other. There is no separation agreement in place, both parties have agreed to a buy out, but their respective divorce lawyers are dragging their feet.
Answer:
This situation can be problematic. All the work has really been done, the valuation, the comparisons, the listing, the staging etc. In fact, there may already be an Offer. Now, the couple wants to end the Listing.
This is something which occurs frequently. Arrange for a Cancellation fee which is specified to be “x” dollars if that happens. That provides you with compensation for your efforts, which would be “fair”. If you have no mention in the Listing, then, there’s no entitlement to compensation.
Brian Madigan LL.B., Broker