When an owner engages an individual as its exclusive listing broker to sell or lease his or her real estate, it is important for both sides to fully understand the commission obligations during the term of the listing, as well as any post-agreement protection granted to broker for its efforts during the listing term.
Does a Broker's Tail Ever Stop Wagging?
A "tail period" is a standard clause in a listing agreement that requires the broker to register certain parties or transactions and a period of time during which the broker shall be protected and recognized as the broker for the transaction, entitled to be paid its commission pursuant to the listing agreement.
By
James T. Mayer And Michael TaxinThis premium content is locked for LawJournalNewsletters subscribers only
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