Wis JI-Civil 3086

A contract, to constitute a valid real estate listing contract, must, in writing,

describe the real estate, express the price for which the same may be sold, the

commission to be paid, and the period during which the agent or broker shall procure a

buyer. The contract must be complete at the time it is signed by the person agreeing to

pay the commission.

Before a real estate broker is entitled to any commission under a real estate listing

contract, the broker must procure a purchaser who is ready, willing, and able to meet the

express terms of the listing contract. (A seller has the right to reject an offer that does not

conform to the terms specified in the listing contract. When a seller refuses to accept an

offer which is substantially in accordance with the listing contract, but which contains

variances from the terms of the listing contract, the seller to relieve himself or herself

from liability for the broker's commission must, when rejecting the offer, point out the

variances to the broker so that the broker may be afforded an opportunity to obtain an

offer that does comply. However, where the variance is a substantial one, such as one that

is directly in conflict with a material provision in the listing contract, then there has been

no substantial performance by the broker which would entitle the broker to the

commission and the owner is under no obligation to specify the reasons for rejection.)

To "procure a purchaser" means to obtain an unequivocal written offer, which in

this case means an offer to pay $ at the time the seller specifies.

A purchaser must be ready, willing, and able to pay $ . All three elements

must exist before it can be said that the broker has procured a purchaser. The purchaser

must not only be ready and willing, but must be able to pay $ . The purchaser

need not have the required cash in hand, but must be able to command the necessary

funds at the required time.