Agency
What is a 'holdover commission' clause in an Illinois listing agreement?
AA clause requiring buyers to hold the property for a minimum period before selling
BA provision that the broker earns a commission if the property is sold within a specified period after the listing expires to a buyer who was introduced to the property during the listing period✓ Correct
CA clause extending the listing agreement automatically if no offers are received
DA provision holding the commission in escrow until the transaction closes
Explanation
A holdover (or protection period) clause in a listing agreement provides that if the property is sold within a specified period after the listing expires to a buyer who was introduced to the property during the listing period, the broker is entitled to their commission. This protects brokers from sellers who might wait until the listing expires to sell to a buyer the broker found. The protection period typically runs 30-180 days.
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