Can a Real Estate Agent Get a Commission after the Contract Expired

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If you`re a real estate agent, you understand the importance of closing a deal and earning your commission. But what happens if the contract expires before the deal is closed? Can you still receive your commission? The answer is, it depends.

First, it`s important to understand the specifics of your contract with the seller or buyer. Typically, a real estate contract will outline the terms of the agreement, including the length of the contract and the commission agreement. If the contract has expired, it`s essential to review these terms and see if there are any provisions for commissions after the contract has ended.

In some cases, a contract may contain an „after-the-fact“ clause that allows for a commission to be paid after the contract has expired. This clause may require the agent to have already performed certain duties, like locating a buyer or seller, before the contract ended. The commission amount may also be reduced if the contract expired before the deal was closed.

Another factor to consider is whether the buyer or seller has signed a new contract with another agent. If they have, then the original contract is void, and the original agent is no longer entitled to a commission. However, if the buyer or seller has not signed a new contract, then the original agent may still be entitled to a commission, even if the original contract has expired. In this case, it`s important to consult with a real estate attorney to determine the agent`s legal rights.

It`s also important to note that real estate commissions are negotiable between the agent and the buyer or seller. If the contract has expired, and there is no provision for an after-the-fact commission, the agent may still be able to negotiate a commission with the buyer or seller. This will depend on the relationship between the parties and the amount of work already performed by the agent.

In conclusion, whether a real estate agent can receive a commission after the contract has expired will depend on the specific terms of the contract and any after-the-fact clauses included in the agreement. If there is no provision for an after-the-fact commission, the agent may be able to negotiate a commission with the buyer or seller. It`s essential to consult with a real estate attorney to determine the agent`s legal rights in these situations. With the right information and guidance, real estate agents can ensure they receive fair compensation for their work, even after the contract has expired.

Deposit Agreement What Is

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A deposit agreement, sometimes referred to as a deposit account agreement, is a legal contract that outlines the terms and conditions of a banking relationship between a depositor and a financial institution. Essentially, this agreement establishes the rules for depositing money into an account and withdrawing funds from it.

The deposit agreement typically covers various topics related to a deposit account, such as account opening procedures, fees and charges, transaction limits, interest rates, and more. It is crucial to read and understand this contract carefully before signing up for an account, as it serves as a binding agreement between the depositor and the bank.

One important consideration when it comes to deposit agreements is FDIC (Federal Deposit Insurance Corporation) coverage. Most deposit accounts at FDIC-insured banks are covered up to $250,000 per depositor, per account category. This means that if the bank fails, the FDIC will reimburse depositors up to the insured amount. However, it is crucial to ensure that the deposit account is FDIC-insured and that the deposit agreement reflects this protection.

Another aspect covered in a deposit agreement is the bank`s right to access funds in the account in certain circumstances. For instance, the bank may be able to use the funds to cover any fees or charges owed, or to satisfy outstanding debts owed by the depositor to the bank. Additionally, the bank may have the right to freeze or restrict the account if they suspect fraudulent activity or other suspicious transactions.

When considering opening a deposit account, it is important to shop around and compare the terms and conditions offered by various financial institutions. Reading the deposit agreement in full can help you make an informed decision about the account that best suits your needs. Additionally, it`s helpful to ask the bank representative any questions you may have and seek clarification on any unclear terms or conditions.

In conclusion, a deposit agreement is a fundamental legal document that establishes the rules for depositing and withdrawing funds from a bank account. Understanding this agreement is crucial for ensuring that you make informed decisions when it comes to managing your money. Always read the agreement carefully and ask questions if you have any doubts or need clarification.