Listing agreement

What is the name of your state? Chicago, Il.

recently, a death in the family caused my brother and I to become sole beneficiaries of a land trust. We decided to sell the building (2-flat).
I signed the listing agreement with a broker on saturday and on sunday my brother found out that the people that are leasing 1 of the flats is thinking about purchasing the building. My brother has not signed the listing agreement. The broker knows that there are 2 people that own the building. he was suppose to get my brothers signature. When I found out, I immediately called the broker and told him that my brother is not going to sign the agreement. My question is if both parties have not signed the listing agreement and the broker had nothing to do with the sale of the building is he entitled to his commision? Thanks.

[HomeGuru]

Originally posted by Spiker
What is the name of your state? Chicago, Il.

recently, a death in the family caused my brother and I to become sole beneficiaries of a land trust. We decided to sell the building (2-flat).
I signed the listing agreement with a broker on saturday and on sunday my brother found out that the people that are leasing 1 of the flats is thinking about purchasing the building. My brother has not signed the listing agreement. The broker knows that there are 2 people that own the building. he was suppose to get my brothers signature. When I found out, I immediately called the broker and told him that my brother is not going to sign the agreement. My question is if both parties have not signed the listing agreement and the broker had nothing to do with the sale of the building is he entitled to his commision? Thanks.

**A: no because all owners must sign the listing contract.

[Souix]

Originally posted by Spiker
What is the name of your state? Chicago, Il.

recently, a death in the family caused my brother and I to become sole beneficiaries of a land trust. We decided to sell the building (2-flat).
I signed the listing agreement with a broker on saturday and on sunday my brother found out that the people that are leasing 1 of the flats is thinking about purchasing the building. My brother has not signed the listing agreement. The broker knows that there are 2 people that own the building. he was suppose to get my brothers signature. When I found out, I immediately called the broker and told him that my brother is not going to sign the agreement. My question is if both parties have not signed the listing agreement and the broker had nothing to do with the sale of the building is he entitled to his commision? Thanks.

**You say the building tenant is "thinking" about purchasing. Why not be honest with the broker? Exclude that party or even both from the listing agreement or don't sign. It takes 2 to sell if that is who is listed on the deed.

What I usually do is exclude the party in question from the agreement with this sort of language "John Doe is excluded from this listing agrreement for a period of 14 days" that way if John Doe does decide to buy it he must decide now instead of sitting around thinking about it, and you will not have wasted any time because the property is on the market.***

[HomeGuru]

That's the idea and it is commolny called a "Buyer exclusion" in the listing contract. Do not use the example given though as it is just for explanation purposes.