Exclusive agency contracts are often used for the sale of residential real estate. In such an agreement, you give an agent exclusive rights to sell your property. This may give the broker the right to pay a commission if the property is sold during the fixed term of the contract, even if the property is sold by you or another agent. The broker may also be entitled to a commission if the property is later sold to a person who trades with the original agent. Before you can market your property, the broker must sign a contract with you called an agency contract. An agency contract is a legally binding contract and it is important that you read and understand it. If you are unsure of the terms of the contract, you should seek legal advice. The agent cannot charge you any fees or fees related to an agreement that has been duly revoked. All the money you have already paid to the agent must be refunded to you.
The broker may ask you to pay for advertising, auction fees, cleaning, decoration or landscaping, if stipulated in the agreement. The cooling-off period begins when you sign the contract and ends at 17:00 on the business day or the following Saturday. For example, if you sign the agreement on a Friday, the cooling-off period will end on Saturday at 5 p.m. When you register on Saturday, the cooling-off period usually ends on Monday at 5:00 p.m., unless it is a public holiday, in which case it ends on Tuesday at 5 p.m. It is effectively an exclusive agency agreement in which the property is auctioned. If you want to terminate the contract, you must report it in writing. Check your consent to see how much notification you need to give. You can personally send the message to the agent, forward it or leave it at the agent`s office or address in the agency agreement, by email or fax. Make sure you keep a copy for your recordings.
The agency contract becomes mandatory when the contracting entity (i.e.: You as the owner/seller of the property or someone who acts legally for you) and the agent have signed it. There is then a one-day cooling-off period during which you can terminate (or “revoke”) the contract. Saturday is included for the purposes of the cooling-off period, but not on public holidays. You can negotiate with the agent the amount of commissions, fees or other expenses you may have to pay. Before signing an agreement, it`s a good idea to talk to a few agents to compare prices. Ask each agent to have a printed list of their fees and the commissions and fees they charge. If you are not satisfied with the services of an agent, it is important to terminate your contract with them correctly before registering with another agent. Otherwise, both agents can charge you a commission if the property is sold. A single agency agreement looks like an exclusive agency agreement.
You give a broker the rights to sell the property, but you can find a buyer yourself. If you find a buyer who has not been introduced by the agent, there is no commission to pay to the agent. The agency agreement must indicate the estimated amounts or amounts of these commissions or discounted on these services. You can negotiate with the agent to find out if you need to pay the full amount. The cooling-off period can only be cancelled if the agent has provided you with at least one business day before the agency contract is signed with the following documents: You have the right to negotiate the terms of the contract and demand legal changes. Changes to the agreement must be signed by all parties, unless the agent reviews the estimated sale price of your property.