Question:
What would you think about including the following:
“Commission only payable on Completion of a Sale.
Or,
Commission is payable only upon successful completion
Answer:
If any lawyer ever had an opportunity to amend a Listing Agreement BEFORE it was signed, this is the change that they all would make.
It used to be quite common, but now, very few Sellers ever seek legal advice BEFORE they sign the listing.
UPDATE: There was a recent update by OREA, chaging the standard form from a “valid” offer to an “acceptable” offer, however that does not change this particular issue.
Brian Madigan LL.B., Broker