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Sole Agency stipulation
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Hello again.
Can someone advise if the following is negotiable with regard to commission? Is it standard?
Everything is negotiable.
Our commission is still payable on the full price negotiated by us in the event that the purchaser refuses to complete the purchase or negotiates a reduction in the purchase price after exchange of contracts due to any misrepresentation made by you or your representatives whether fraudulently negligently or innocently.
I would never agree to any commission being payable until completion has occurred. Too many scenarios where you might pull out or find a different buyer or were messed about by the buyer and just decided you werent ever going to sell to them, yet still be liable.0 -
AnotherJoe wrote: »I would never agree to any commission being payable until completion has occurred. Too many scenarios where you might pull out or find a different buyer or were messed about by the buyer and just decided you werent ever going to sell to them, yet still be liable.
Perhaps im misunderstanding this but typically, as I understand it, contracts are almost always: 'fees due on exchange and payable on completion'. ??
So if the whole thing bombs between exch of contracts and completion they get their commission anyway right?0 -
Perhaps im misunderstanding this but typically, as I understand it, contracts are almost always: 'fees due on exchange and payable on completion'. ??
So if the whole thing bombs between exch of contracts and completion they get their commission anyway right?
ok perhaps i should have said exchange not completion, the point is you dont want to agree to paying fees in the event, for whatever reason,exchange doesn't happen since its probably less then 1 in 100 deals that exchange happens and completion doesn't and then you can recover costs anyway.
note that that wording was about the sale falling through after agreement but potentially before exchange. Thats how i read it anyway0
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