Final answer:
The number of days a licensee has to buy and close on a property they couldn't sell by the end of the listing period is determined by the terms of the initial agreement, commonly found in the listing contract. There is no standard industry-wide duration, and details should be explicitly agreed upon in the contract.
Step-by-step explanation:
If licensees advertise that they will buy a home that they can't sell, the specific number of days they have to purchase and close on the property after the listing period expires will largely depend on the terms and conditions set out in the initial agreement between the homeowner and the licensee.
This is typically stipulated in the listing agreement, which is a contract where the seller authorizes the licensee to sell their home. This type of arrangement might also be part of a guaranteed sale program where the licensee promises to buy the home if it does not sell within a certain period, usually aligned with the expiration of the listing period.
The terms can greatly vary, and as such, there is no standard duration across the industry; it could be immediate, or there might be a set number of days post-listing period expiration. The specific terms should be negotiated and agreed upon before signing the listing agreement.
Without explicit terms in an agreement, there's no default timeframe for when licensees must fulfill such promises. It is therefore critical for homeowners to ensure the buy-out details are clearly specified in any contract they enter into with a real estate licensee.