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Private selling
masted75
Posts: 32 Forumite
Hope you can all help.
We are selling our house with a local high street estage agent. I also want to advertise the house on some websites (just free, non-agency ones) in an effort to sell privately.
The agency agreement contract seems to indicate that the EA will still be entitled to receive their commission even if we find our own buyer.
Is this standard across high street EA's? I was obviously hoping to save a load of money if we got lucky and sold privately, and this would scupper that plan.
We are selling our house with a local high street estage agent. I also want to advertise the house on some websites (just free, non-agency ones) in an effort to sell privately.
The agency agreement contract seems to indicate that the EA will still be entitled to receive their commission even if we find our own buyer.
Is this standard across high street EA's? I was obviously hoping to save a load of money if we got lucky and sold privately, and this would scupper that plan.
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Comments
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Uh-huh.... and why do you think the contract is worded as such...?
Can you guess?0 -
It depends entirely on the contract you have agreed with the agency. as you do not quote the relevant wording, how can anyone comment intelligently?
Did you discuss, read, understand the contract before signing?
Did you consider the option of selling privately before signing?
Did you shop around/ compare contracts and fees before signing?0 -
How many times this year has this very subject come up on this forum and hw many people still ask the same question over and over again.
The clause you elude to is a standard term for EA's, so you will end upo paying him regardless.
Why didn't you try and market it yourself before you engaged the EA?Eat vegetables and fear no creditors, rather than eat duck and hide.0 -
Blimey, i only asked!
Yes of course i've shopped around with a few agents and of course i've read the contract. i just wanted to know if it was something only some, or all, EA's do.
The EA contract hasn't been signed yet so i haven't just blindly signed away my chance of doing things differently. So, i just thought i would ask first.0 -
OK - not yet signed so all is not lost. (edit: but see Googler's comment below re deemed acceptance)
There are 3 basic contract types, but obviously with slight variations between agents:
1) Multi agency contract. You sign contracts with more than one agent. Only the agent that actually finds/introduces the buyer gets a fee. But the fee is usually higher than....
2) Sole agency contract. You agree to only use one agent. And they get their fee even if you subsequently go to another agent which finds a buyer during the period of the contract(since you have breached the 'sole agency' clause). The fee is usually lower than 1) above
In both the scenarios above, fees are only payable if the buyer is found by an agent. If you find a buyer yourself, no fee is (usually!) payable.
3) Sole selling rights contract. You agree that only the agent will find a buyer. The fee charged is usually lower than 1) and 2) above. BUT even if you find a buyer yourself privately you will have to pay the agent's fee.
Terminology and precise terms may vary, so read the contract carefully before signing. Do not rely on an agents brief verbal explanation or reassurance - it is what is written in the contract that matters, not what the agent says!0 -
Blimey, i only asked!
Yes of course i've shopped around with a few agents and of course i've read the contract. i just wanted to know if it was something only some, or all, EA's do.
The EA contract hasn't been signed yet so i haven't just blindly signed away my chance of doing things differently. So, i just thought i would ask first.
Blimey, we only answered!
Never mind the 'of course' - if you don't say it, we don't know about it; and you didn't say this in the OP.
If the contract hasn't been signed, how are you 'selling' with the EA - are they marketing the house on the internet, in their windows; have they put a sale board up? If this type of stuff has started, you may be deemed to have accepted the terms of the contract by your action, rather than by signature.....0 -
The contract clause I'm concerned with states : " the seller will be liable to pay the commission fee to the agent...even if the buyer was not found by the agent but by another agent or by any other person, including the seller".
Is this sole selling rights then? This is with Bridgfords - would I find a similar clause with the other well known high street EAs?0 -
So, has the EA started marketing your home, since you say you're 'selling' with them...?0
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Certainly appears to be sole selling rights.The contract clause I'm concerned with states : " the seller will be liable to pay the commission fee to the agent...even if the buyer was not found by the agent but by another agent or by any other person, including the seller".
Is this sole selling rights then? This is with Bridgfords - would I find a similar clause with the other well known high street EAs?
If you've not signed yet, just tell them you want a sole agency contract and that clause needs to be removed.
If they then up their fee, start negotiating or shop around again.
Other agents will have similar clauses in.... their sole selling rights contracts. Ask for a sole agency or multi agency contract, then read the offered contract carefully to check0 -
Certainly appears to be sole selling rights.
If you've not signed yet, just tell them you want a sole agency contract and that clause needs to be removed.
If they then up their fee, start negotiating or shop around again.
Other agents will have similar clauses in.... their sole selling rights contracts. Ask for a sole agency or multi agency contract, then read the offered contract carefully to check
Agreed -- I seem to be becoming a G_M fan club.
The point is that, whilst all EAs have their standard agreement terms, ALL contracts are negotiable. In other words, you are the customer, and you tell the EA what you want in the contract and that you don't agree to their standard terms without the amendments that you want. If they don't agree, then walk.No reliance should be placed on the above! Absolutely none, do you hear?0
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