Estate Agents - Post Lock in Period

rafraf03

Hello to all MSEs !


My other half and I have finaly decided to put our house on the market :T

I followed all the good advice and manage to negociate a good flat fee as well as a short lock in period (£2000+VAT ~ 1.28% if we reach the lower end of our expectetion and 8 weeks).

We are not in any rush to move out of our place and are looking to move around february time which would put us way after the end of the lock in period.

Yesterday one of the visitor told us that they liked the place and are not in any rush to move out of their rented accomodation: they would like to move around february time which should be ok with us...

Beeing a long lost friend of my wife, she suggested that if they were to make an offer o nthe place, we wait until the end of the lock in period so that we don't have to pay the Estate Agent fee and split the save...

I understand that because the estate agent introduced us to the buyer, we would still have to pay the fee. But if at the end of the lock in period we terminate the agreement, what stops a buyer, that was originaly introduced by the estate agent, to approach us for a private sale ? Would we still have to pay the fee even though we are not legaly bound to the agent ?

Thanks for your help !

Doozergirl

If they introduce the buyer, you have to pay regardless of when they buy!

They've done their job, so be fair, yes?

rafraf03

Thanks for the reply Doozergirl ! :T

Yes of course, just wanted to have confirmation before beeing dragged into something that sounds fairly dodgy !;)

Doozergirl

When this question comes up on the board, which it does quite often, it does generally seem to be the buyer that suggests it. It's cheeky on two fronts; one because it's fraud and two because if I was going to make any savings on the EA front, I'd be keeping them myself and not giving buyers a discount!

Make 'em pay rafraf!

rafraf03

that's a good Idea!

if they like the place so much, they'll be ready to pay the fee ! :rotfl:

courtjester

Not that I'm a fan of estate agents, but you don't have to stoop to their levels of devious practice.

If a buyer is introduced DURING the period of (sole) agency by the agent (i.e. registered by them on their books and viewing arranged through them), the agent basically has 'ownership' over that buyer even after the expiry of the agency period.

You will not get away with trying to defraud the agent out of their rightful commission (it *pains* me to say this :rolleyes: ) if that buyer goes on to purchase the property later. The only exception being that if the intervening period is so long after the end of the agency that you could reasonably argue to a court that the purchase was NOT brought about by the original introduction, but due to a change in circumstances (that prevented the buyer from proceeding originally).

You really are looking at 6-12 months later at least I would say and even then, there would have to be valid reasons why the buyer and you did not proceed following the earlier agents introduction.

NB - remember you need to write to your agent and cancel their agency period - it doesn't normally happen automatically. If you read your contract it probably says that their period is "X" weeks AFTER which time you can give written notice of (14 days?) to cancel....