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Private buyer but have sole seller agreement with estate agent

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Comments

  • eddddy
    eddddy Posts: 16,390 Forumite
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    Seller175 wrote: »
    Chill Winston!!! I've read my contract and it says nothing about a 12 or 24 month tie in.

    I think you're probably mistaken.

    Is your agent a member of The Property Ombudsman scheme?

    If so, they have a code of practice:
    This Code of Practice is mandatory for all TPO Members...

    And the code of practice says:
    Fee Entitlement and Client Liability

    5r At the time of accepting instructions from a client, you must point out and explain clearly to that client in your written Terms of Business:

    • that you may be entitled to a commission fee if that client terminates your instruction and a memorandum of sale is issued by another agent to a buyer that you have introduced within 6 months of the date your instruction ended and where a subsequent exchange of contracts takes place.

    If no other estate agent is involved this time limit extends to 2 years.

    Link: https://www.tpos.co.uk/images/documents/rules-codes-obligations/residential-estate-agents/TPOE27-3_Code_of_Practice_Residential_Estate_Agents_A4_-_Effective_from_1_Oct_2015.pdf
  • slowpoke_rodriguez
    slowpoke_rodriguez Posts: 307 Forumite
    Basically fella, you didn't read your contract properly before signing it, and now you're stuffed! No amount of arguing on here is going to unstuff you.
    If you scan the contract in and show it here in it's entirety someone may be able to help, but relying on your interpretation we're all left in the dark.
  • mrginge
    mrginge Posts: 4,843 Forumite
    edited 16 October 2016 at 9:50PM
    I've heard a rumour that 'scum of the earth' estate agents add a premium onto their fees because they have to deal with all the illiterate shysters who waste their time.
  • Seller175
    Seller175 Posts: 34 Forumite
    Moving slightly off topic. Does the EA confirm to a buyer what he is being paid for the transaction?
  • Seller175
    Seller175 Posts: 34 Forumite
    eddddy wrote: »
    I think you're probably mistaken.

    Is your agent a member of The Property Ombudsman scheme?

    If so, they have a code of practice:



    And the code of practice says:

    Again key point here is if the agent had introduced that person to begin with. In my case the agent didn't introduce the private buyer in any shape or form.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    Seller175 wrote: »
    Again key point here is if the agent had introduced that person to begin with. In my case the agent didn't introduce the private buyer in any shape or form.

    Was there a sale board up outside the property?

    Was the property being advertised on Rightmove?
  • Seller175
    Seller175 Posts: 34 Forumite
    Ad board - no
    Rightmove - yes
  • steampowered
    steampowered Posts: 6,176 Forumite
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    edited 17 October 2016 at 12:12AM
    Seller175 wrote: »
    Again key point here is if the agent had introduced that person to begin with. In my case the agent didn't introduce the private buyer in any shape or form.

    You can still be liable for both sets of fees even if the agents did not introduce the buyer.

    Most sole agency agreements say that you will be liable for the agent's fees if:
    - it is a buyer they introduced; OR
    - it is a buyer that buys the property during the term of your agreement with the agent; OR
    - it is a buyer that buys the property within a certain period of time (such as 6 weeks) after you terminate your agreement with the agent.

    The logic of this is that you are supposed to route any sale through your agent, and that you shouldn't be able to avoid fees by terminating their agreement just before a sale. Estate agents can easily find out when you sold your property by looking at the land registry and they do send legal demands for fees in this type of situation.

    If you want to avoid paying fees, you will probably need to give both estate agents formal notice that you are terminating their agency AND wait a certain period of time before concluding the same.

    You'll need to read the agent T&Cs to find out how long you have to wait. Ask the agents for a copy of the T&Cs if you don't have them. Why don't you scan them in and post a picture up on here.
  • G_M
    G_M Posts: 51,977 Forumite
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    it's just become boring now.....
  • mije1983
    mije1983 Posts: 3,665 Forumite
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    Head, meet wall :wall:
This discussion has been closed.
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