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. 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. If you decide to terminate (or revoke) the agreement during the cooling-off period, you must send a “notice of resignation” to the agent. Getting an offer is a good sign that the property attracts buyers. It can be a difficult choice for homeowners, and that`s where our expertise comes in. We work with the buyer to extract the best possible price and work competently to focus their interest firmly on your home. After accepting an offer, we will continue to operate open houses until contracts are exchanged.
We do this to allow us to have buyers waiting if the offer fails. The broker may ask you to pay for advertising, auction fees, cleaning, decoration or landscaping, if stipulated in the agreement. You have the right to negotiate the terms of the contract and to demand changes authorized by law. Changes to the agreement must be signed by all parties, unless the agent reviews the estimated sale price of your property. 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. 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 cooling-off period gives you time to read the agreement, consider the conditions you have agreed to, including the agent`s expenses, and get independent advice if you have any doubts. 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 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.