Contracts
What is the 'holdover' or 'protection period' clause in a Colorado listing agreement?
AA clause preventing the seller from selling for 6 months after listing
BA provision entitling the broker to a commission if the property sells within a specified time after listing expiration to a buyer the broker introduced✓ Correct
CA clause giving the broker the right to list the property again
DA provision automatically extending the listing for 30 days
Explanation
The protection period (holdover) clause protects the broker's commission if the property is sold after the listing expires to a buyer who was introduced to the property during the listing period. The seller would typically be protected if they list with another broker.
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Key Terms to Know
Listing Agreement
A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Math Concepts
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