Credit gives the word to pay either by repaying it or returning those resources later. In other words, this credit is the method of making the reciprocity formal, legally enforceable, and of course, extensible to a vast group of people who are not related.
However, the resources provided may be financial or have goods or services, like consumer credit. The credit covers any form of deferred payment. Credit generally gets extended by the creditor, the debtor or lender, and sometimes the borrower.
An extender clause works as legal protection for a listing agent, in case he/she shows any property to a prospective buyer, but the purchase is not done after the agent does not have rights to the listing. The extender clause only applies for such buyers and extends the period/duration, for which a commission may be earned by the agent in question. Without this clause in place, sellers may put off sales until the closure of the exclusive listing agreement, helping them bypass the payment to the buyer’s agent.
This clause is often observed in the real estate or property sector. This clause safeguards listing agents from losing their due commissions, if the agreement for exclusive listing expires. However, if upon expiry of such agreements, sellers get into agreements with other agents, then the new parties should learn about the existence of these extender clauses.
