What is a protection period clause in real estate?

What is protection period?

Protection Period means the period beginning on the date of the occurrence of a Change in Control and ending 12 months following the occurrence of a Change in Control.

What is another term for protection clause in real estate?

The listing agreement also includes a protection clause, also known as a “brokerage protection clause, “safety clause,” “extension clause,” or “tail provision.” The protection clause states that if a buyer who the listing agent introduced to the property purchases the property after the listing agreement expires, the …

What is a protection period in real estate Texas?

The period of protection prevents the ruthless practice of the seller returning the buyer to the purchase of the house after the expiry of the listung contract. As soon as a reference contract expires, the contract is terminated and the house withdrawn from the market.

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What is another term for protection clause?

2. There are many other names for the safety clause. You might also hear it called a broker protection clause, extension clause, extender clause, broker safety clause, tail clause, or procuring clause.

What does protection period mean on the part of the seller and listing agent?

The protection period in a listing agreement is specifically there to protect the real estate agent. For a certain amount of days after the contract expires, if any of the potential buyers that the seller’s agent brought in actually buy the home, then you will still owe them the commission.

What is a carryover clause in real estate?

override clause. Also called extender, or carryover, clause. It provides for seller to pay the full commission to broker for any sale to registered prospects within the specified period after the termination of the contract. (

What is a protective clause?

Accordingly, “protective” clauses are contained in contracts, such as in charterparties, to exempt one or both parties from becoming liable or which reduce liability. Protective clauses could operate to affect both parties.

What happens if a listing agreement has a carryover clause?

What does a carryover clause do? Allows the broker to collect a commission for some period of time after the listing expires.

What is an extension or tail clause?

To protect brokers in this instance, most listing agreements have what is known as a “broker protection clause,” also known as an “extension clause” or “tail provision.” The broker protection clause provides that if the owner contracts to sell the property with a buyer who was procured by the broker within a specified …

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What clause allows a broker to collect a commission even after the listing period has expired?

What clause allows a broker to collect a commission even after the listing period has expired? A A protection or safety clause provides that a broker may be entitled to a commission if the property sells during a certain period following the termination of the listing agreement.

In what document is a safety clause found?

A safety clause is found in most listing agreements. Under this type of provision, the broker is entitled to a commission if the seller sells the property after the listing term expires to any person the broker negotiated with during the listing term.

What type of clause allows a broker to collect a commission for some period of time?

What type of clause allows a broker to collect a commission for some period of time after the listing expires? a deed restriction.

What is Equal Protection Clause of the 14th Amendment?

The Fourteenth Amendment’s Equal Protection Clause requires states to practice equal protection. Equal protection forces a state to govern impartially—not draw distinctions between individuals solely on differences that are irrelevant to a legitimate governmental objective.

What are equal protection rights?

No State shall make or enforce any law which shall abridge the privileges or immunities of citizens of the United States; nor shall any State deprive any person of life, liberty, or property, without due process of law; nor deny to any person within its jurisdiction the equal protection of the laws.

What does the Equal Protection Clause of the 14th Amendment say?

The clause, which took effect in 1868, provides “nor shall any State … deny to any person within its jurisdiction the equal protection of the laws”. It mandates that individuals in similar situations be treated equally by the law.

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