Sole Selling Rights

sun8eam

Hi,

Are Sole Selling Contracts more common place with EA's now? I have recently had my property valued, the EA said that their contract is now only an SSC for a minimum term of 2 weeks with a 14-day termination notice period (by either party).

He said that they are unable to provide a Sole Agency Contract.

Thought I'd see if I should avoid this type of contract altogether.

Thanks

sun8eam.

G_M

There are plenty of agents out there - competion is hot.

Walk on.

googler

Walk on ... why?

Belindav123

I would not touch that. Insist on sole agency or find another agent.

eddddy

What terms are other agents offering?

The EA you are discussing, are their terms:

1) Fixed fee payable in advance (i.e. an unconditional fee)
2) Fee payable on completion (i.e. a conditional fee)

If it's fixed fee payable in advance, it makes no real difference whether the contract is 'Sole Selling Rights' vs 'Sole Agency'


If it's fee payable on completion, the difference between Sole Agency and Sole Selling Rights is if you find a buyer privately (e.g. personal contact / friend / family) during the contract period, you will still have to pay the EA fees.


If it's any kind of conditional fee contract, it's much more important that you ensure it is:

- no sale, no fee
- no withdrawal fees

And no clauses in the contract about fees for introducing 'Ready, Willing and Able Buyers'.

G_M

googler wrote: »

Walk on ... why?

Sole selling agreements may be marginally cheaper (lower commission rate) than sole agency, but fee is due even if seller finds his own buyer.

Only the OP can decide which he prefers but his post appears to indicate preference for a sole agency agreement, and this agent refuses to offer one.

So find another agent!

JANSPAM

Sorry to jump in here but hopefully someone can clarify the sole selling rights agreement for me. Is it correct that if I change EA and the new agent finds me a buyer I would still have to pay the first agent if the buyer was found within the timescale of their contract. I have just been told that I would have to wait six months to sell without having to pay the first agent as well as the new one or 2 years! if I find a seller myself. Is this possible?
Comments gratefully received.