If your listing agreement with a client terminates, Paragraph 5E, Protection Period, of the Residential Real Estate Listing Agreement – Exclusive Right to Sell (TAR 1101) outlines under what conditions you would still receive compensation for the sale of that property.
Section 1 of the paragraph deals with the length of the protection period.
Section 2 describes the written notice required to ensure that certain buyers would trigger compensation to you if they were to purchase the property during that period.
Section 3 covers when the protection period would not apply, namely if the seller agrees to sell the property using another broker who is a Texas REALTOR® and pays that broker a fee for the sale.
Commercial transactions can be lengthy and complex. Provide a timeline for performance dates to your clients with the Commercial Contract Critical Date List (TAR 1942). This TAR form lists many key deadlines for a commercial transaction, such as the seller’s delivery of UCC search and the expiration of the feasibility period. Each deadline references the paragraphs in which these deadlines are written in the TAR commercial contracts.
It’s all in the name: The Seller’s Disclosure Notice is for sellers—not you—to complete and disclose information about their property. If you know that the seller’s disclosure is not correct, talk to your clients. Explain that Texas law requires you, as a real estate license holder, to disclose any significant defect you are aware of about the property.
Also, if something changes after the seller’s disclosure notice is completed, such as flooding from Harvey, sellers are required to disclose that new information.