There are different types of agency contracts for the sale of residential real estate. It is important to be aware of the nature of the agreement you sign, as it affects your rights and the amount of commission you may have to pay. You should discuss the agreement with a legal advisor if you are unsure of their rights. Below is an overview of the different types of agreements. It is effectively an exclusive agency agreement in which the property is auctioned. The broker may ask you to pay for advertising, auction fees, cleaning, decoration or landscaping, if stipulated in the agreement. All legal products of this real estate agency contract are carried out under the aforementioned jurisdiction. The agreement on the real estate agency, together with the attached documents, constitutes the whole agreement between the contracting parties. All persons involved in the sale of the property are bound by the terms of this real estate agency contract. The agency agreement names your elected agency and defines what you allow it to do, for example: you can choose to list your property at a later date with a new agency. If the first agency has already done work that helps sell the property (for example. B the introduction of a potential buyer who then buys it), you may still have to pay them a commission.
Make sure you have inquired with your new agency about the risk of paying two commissions. The agent is responsible for all personal and travel expenses incurred during the execution of this real estate agent contract, including additional brokerage fees. The agent undertakes to keep private any information deemed confidential and not necessary for the sale of the property. A real estate agent or seller cannot act for a seller unless both parties are entitled to sign a sales agency contract (contract) in accordance with Section 20 of the Land and Business (Sale and Conveyancing) Act 1994. For the duration of the agreement, the agent must keep the best interests of the seller as a top priority. This disclosure takes place in a form that must be included in the Agency`s agreement. The parties have entered into this real estate agency contract voluntarily and agree: The agency contract becomes mandatory if the client (i.e.: You as the owner/seller of the property or someone who acts legally for you) and the broker has 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.
There must be a specific date or timetable from the date the agency contract is signed to tell you when the agreement expires.