Please help-No sale no fee (is the agent right)

papermoney

We sold our house in JANUARY and we were suppost to be exchanging and completing for the 20th April - it didn't happen. Then for tomorrow - it's not happening.

There is a chain of 4 and the bottom 2 are cash buyers but have so far failed to pay the money needed to the solicitors despite saying for the last 3 weeks they will. The solicitor working on my behalf believe that there is something not quite right.

To be honest a string of things have happened and i'm getting fed up of it.

So my question is: Can I pull out of the sale and put my house on the market with someone else? I did have a sole agency agreement for 16 weeks. I'm 100% 16 weeks is up but i'm not sure if in the small print there was anything that said I need to give notice.

(If anyone else is with B.E and have a contract - could you please, please let me know what it says)

Do I still have to pay B.E? I thought no sale no fee meant that unless it went to contracts (exchange) then the house wasn't sold but the estate agent says I still have to pay them because as far as they are concerned the house is sold.

eeekkk

ANyone help?

Thanks

silvercar

no sale, no fee = no sale no estate agents commission.

sole agency = only estate agent dealing with sale.

sole selling rights = they get fee whoever sells.

Nothing stopping you telling your buyers (and the chain) via solicitors that you need to exchange by XX or you are re-marketing. whether you inform BE to remarket or choose a new agent is a different decision.

(If they found you another buyer would they expect twice the fee???)

papermoney

silvercar wrote: »

no sale, no fee = no sale no estate agents commission.

sole agency = only estate agent dealing with sale.

sole selling rights = they get fee whoever sells.

Nothing stopping you telling your buyers (and the chain) via solicitors that you need to exchange by XX or you are re-marketing. whether you inform BE to remarket or choose a new agent is a different decision.

(If they found you another buyer would they expect twice the fee???)

Eeek i really need to get a copy of the contract. I know it said 16 weeks but can not think what the rest said.

courtjester

It's down to what the contract (that you read *carefully* and signed :rolleyes: ) says.

Two points to watch out for.

You can't terminate the contract until you have given written notice in accordance with the contract terms - although the agency period may be stated as 16 weeks, it continues unexpired until you give notice and generally agents contracts tend to say you must give 2/3/4 weeks notice of termination. The sole agency period does not end automatically, the time mentioned is only the minimum period during which you *can't* give notice of termination.

Check your contract doesn't include the phrase "ready, willing and able..." - this gives your agent the right to charge you commission if you pull out after they have introduced a buyer who was going to purchase, which means that they can still get their commission even though the fundamental basis is 'no sale no fee' and even if you don't sell to this buyer...

papermoney

So going by that then if the bottom end of the chain falls through but my buyer still wants to buy, I have to wait until the bottom end of the chain is complete - I can't put the house on the market again?


I did read the contract and signed it - however, this was back in December and I can't find the damn thing. I can't remember other than the 16 weeks bit what it said.

courtjester

Probably not - if the buyer can't actually proceed for some reason, but the potential is there for a comeback from a hard nosed agent (like yours) if there is a 'ready, willing and able' clause in there.

This clause (like so much agency contract wording) is unfair and should be struck out of any agency contract before agreeing to sign. Being unfair does not make such terms illegal however, as they are enshrined in agency laws so the Unfair Contract Terms Act does not apply.

I would suggest you write to your aqent giving them the reasons and terminate the contract in accordance with the agreement - confirming that if the sale goes to this buyer you will honour their commission, but otherwise you are intending to appoint another agent to continue marketing. I am certain that they will point up any aspect of their contract that they feel applies at which point you can request a copy.

When going to a new agent, you need to make sure you get their agreement not to handle any buyer previously introduced (which your current agent effectively 'own') - you might need to get a list from your current agent of all prospects registered and pass this to the new agent for security against being charged twice over.