It is perfectly possible to appoint more than one agent when selling your pride and joy, but this does depend on what type of contract you have with your agency. It is imperative that you proceed with caution before instructing a second agent. As with all contracts in all things you should read the small print carefully.
It is there for a reason, and many an unwary customer has tripped over the tiny print. You wouldn't be the first. If there is anything you do not understand or are confused by, then seek out appropriate professional advice. Don't sign anything until you are 100% satisfied and don't accept the agency's advice as gospel here because at this point they are not looking out for your interests, they are looking out for their own.
In short there are five different contracts you could sign with a real estate agency. Make sure that you know the differences and make sure that you know which one it is that is presented to you.
SOLE SELLING:
With a sole selling agreement the real estate agency always retains the right to charge you commission on the sale of your home even if you find the eventual buyer quite independently of the agent. You can't avoid the fee by doing the work yourself. If you try to do so you could end up being sued.
SOLE AGENCY:
With a Sole Agency agreement the agent is still the only agency granted rights to sell your property, but there is now no commission due to the agency if you find the eventual buyer yourself. Check the small print that this is indeed the case before you sign the agreement. If in doubt ask the agency to confirm the point in writing.
MULTIPLE AGENCY:
You have the right to appoint more than one agent to try and sell your home if you choose to, but you only have to pay a selling commission to the successful agent that sells the property. Multiple agency agreements often stipulate a higher than normal percentage commission rate. Check that fact and the point that you will only be liable for one fee in any event.
JOINT SOLE AGENCY:
In the case where you appoint two or more agents to work together to sell your home they will split the fee equally between themselves when the property is sold irrespective of who is responsible for the sale. Make sure the small print says what you think it says. Don't be confused by legalese and gobbledegook. Insist terms are written in plain English.
READY WILLING & ABLE:
This a quite rare and crazy type of agreement that should be avoided at all costs. In effect it states that if the agent finds you a buyer and you pull out of the sale for any reason, you will still be required to pay the agent their fee, even if you never sell your property and never move out. Why anyone would knowingly agree to such an agreement is a mystery and probably comes back to the point of the seller not reading and not understanding the small print in the first place.
The vast majority of agents are honest and hardworking but there is always the occasional bad apple in every barrel. You can help to protect yourself by reading and understanding the small print on all documents presented to you. The most important thing of all is that if you do not understand anything do not be afraid to seek out independent professional advice. That will give you all the reassurance you need.
David Carter's new book SPLAM! Successful Property Letting And Management, the NEW revised and enlarged edition, is out now. You can find more details of that at splam.co.uk splam.co.uk For details of worldwide property information on buying, selling or renting property in various countries please take a look at greenlightproperties.co.uk greenlightproperties.co.uk You can contact David on any matter at
No comments:
Post a Comment