I had a commercial listing (California) that did not sell and expired 1 month ago. I Received only 1 offer, it was low, and we countered at full price. The transaction did not progress from there. Last week I gave notice to move my license to a new brokerage, have filled out the paperwork and plan to turn it in to new brokerage tomorrow. Today I received an email from agent representing that buyer wanting to negotiate again for the purchase of the building. If I transfer my license in the next day or two, as I have been planning to do, do I have any financial obligation to the broker I originally had the listing with?
The seller, has not wanted to relist the property, but said he will pay commission if I put deal together. Would it make a difference to have a new listing contract immediately upon moving my license?
2 Answers from Attorneys
If the listing is actually expired, then when you move your license, you can re-list the property at the new brokerage. Remember, the listing is not with you the salesman, it is with the Broker. If it had not expired, it would stay with the old broker when you move. These are things you were required to know and demonstrate on your Salesman's Exam.
I disagree with Mr. Nelson. First of all, if you have a broker, that makes you an agent. You were the agent of the original broker when you entered into a listing agreement which the law interprets as being done on your behalf.
The expiration of the listing agreement is irrelevant, if the original broker can show that the offer was made during his listing. You can move to a new broker, but expect to be sued if you start moving listings to the new broker.
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