Understanding Agency Agreements
Agency Agreements are written to protect your rights... so here are the main things you should know
An agency agreement exists between you and the 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 agent's services. A commission is usually only due when the sale of the property is completed.
The extent of the agent's authority to act on 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 agent about the terms and conditions of the agreement and to ask for any legally-permitted changes to be made.
The agency agreement usually involves a fixed term - a specified amount of time during which 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 agent's services, it is essential to officially bring the 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.