When does a Listing Agreement expire?
Almost all Listing Agreements have an expiration date; the agreement will be terminated if there is no sale by the expiry date and both seller and Brokerage will be released from the contract. No duty is owed to the seller by the Brokerage once the listing has expired.
A typical listing period is often 3-6 months. Each situation is unique. Should a property not sell under a listing agreement contract by then, the seller may re-list the property with the same or different Realtor and Brokerage.
Most listing contracts carry a “Holdover” clause. Should the property sell to a buyer after the expiry date, but in the specified number of holdover days outlined – the seller holds responsibility in paying the commission to the brokerage.