Expert: Lisa Webber - 1/10/2010

Question
Once your contract with real estate agent, how long are you obligated to them if someone that looked at your house while it was under contract decides they wish to buy it?  Does it differ by state law?  This is in Mississippi.  We had someone put a contract on our home contingent on the sale of their home but that contract and our contract expired and neither was renewed?  Just wondering if they sale their home in a few months and we haven't sold ours and they want it if we have to go back and pay the realtor?

Answer
Your agreement with them will all be in writing and will have a specific beginning and ending date.  Many contracts will require you give 30 days notice but most agents will let you out of it immediately.  In your situation, the contract was contingent on their house selling so they were not obligated to purchase your house if theirs did not sell.  Sinced it is expired, you are no longer obligated to sell it to them either.  If your contract with the Realtor has expired, it may say that if these people come back within 30 or 60 days from the expiration date, you are still required to pay a commission.  Read the fine print on that.  You were under contract at the time with the Realtor but that doesn't obligate you forever.  The long and short of it is the specifics will be in the listing agreement that you signed with your agent.  There are no "laws" that regulate a real estate agreement as far as time lengths and they will vary from agent to agent.  I hope this helps - good luck to you!