Sales Agency Agreement are written to protect your rights...
so here are the main things you should know
A sales agency agreement exists between you and the real estate agent who is helping you to sell your property. It states what they promise to provide for you, along with an estimated sale amount or price range.
This arrangement outlines the amount of fees or commission payable by you for the real estate agent's services. A commission is usually only due when the sale of the property is completed.
The extent of the real estate agent's authority to act in your behalf - such as to exchange or make changes on a sale contract - is also stipulated within this document.
You have the right to negotiate with the real estate agent about the terms and conditions of the agreement and to ask for any legally-permitted changes to be made.
The sales agency agreement usually involves a fixed term - a specified amount of time during which time it cannot be ceased unless accepted by both parties. An open-ended agreement with no fixed term must indicate an alternative method for being brought to an end.
If you are unsure about how to end an agreement you should seek legal advice.
In the event that you are unhappy with any of the real estate agent's services, it is essential to officially bring the sales agency agreement to a close before signing up with a new organisation - otherwise both might be able to charge you a commission when the property is sold.
What is a sole agency agreement?
A sole agency agreement is similar to an exclusive listing agreement, to the extent that you give rights to one real estate agent to sell the property whilst maintaining the ability to find a buyer yourself.
However, in this situation no commission is payable to the agent if you are able to find a buyer who they did not introduce you to.
What is an auction agency agreement?
An auction agency agreement is effectively the same as an exclusive agency agreement, except that it specifically applies to a property you are attempting to sell at auction rather than privately.
If the property reaches a sale at the auction, you will be required to pay the real estate agent a commission.
Selling a property: Frequently Asked Questions
- Download our Complete 26 Page Selling Guide
- The Property Sales Process
- Different ways to sell a house
- Choosing A Real Estate Agent
- Darren Palmer's Styling to Sell Tips
- Property Styling Your House to Sell
- Selling Style Checklist
- Market Research - Does Styling Boost Your Sales Price?
- When to Sell Your Property
- Determining the Sale Price
- Advertise Your Property For Sale