Cooling Off Period Estate Agent

QfanatiQ

WHat is the period of time for cancelling a contract signed with an estate agent?

I ask as clearly fees are quite considerable, but it might be that we have a private seller contacting us directly. If we do get contacteddireclty and it is something she is interested in buying then as contract was signed a day ago are we able to back out?

Cheers…..Q

googler

Did you sign the contract in your home, or at their office?

QfanatiQ

In my home

QfanatiQ

THen I found this but struggle to see if it means yes or no?

http://www.estateagenttoday.co.uk/News/Story/?storyid=1678&type=news_features

Q

MissMotivation

you have a 7 day cooling off period from the date you signed the agreement.

QfanatiQ

But then just found this. Now reading exactly what was signed. Will report back. Any more on cooling off period?

http://www.mypropertyguide.co.uk/articles/display/10007/the-agency-agreement.htm

“Sole selling rights” mean that you will owe the agent commission if the property sells during the set period regardless of whether they introduced the buyer or not.

QfanatiQ

Cheers, see the above on the 7 days.

Thanks,
Q

MissMotivation

if you have signed a sole selling rights agreement and more than 7 days have passed since you signed it then you will nye commission weather they introduce the buyer or not.

kingstreet

If you have a potential buyer before signing an estate agency agreement, give the agent the details of the potential buyer and only sign on the basis that if this buyer proceeds to exchange, the agent does not get paid.

If the agent won't agree to this, find one that will.