Estate Agenct Contract query

AnotherJoe

katie4 wrote: »

Thanks this is what the contract says

What would be the reasons behind asking them to do that @AnotherJoe?

• Ready willing and able purchaser: A purchaser is a ready, willing and able purchaser if he/she is prepared and is able to exchange unconditional contracts for the purchase of your property. You will be liable to pay our full fees if such a purchaser is found by us in accordance with your instructions and this must be paid even if you subsequently withdraw and unconditional contracts for the sale are not exchanged irrespective of your reasons.

Answered by Edddddy in post 5.

Your buyer is ready willing and able to buy as long as ....... you reduce the price by £50k ...... Include all the furniture....... Wait for a year to complete...... Complete tomorrow .... ...Whatever.

Maybe they become exceptionally rude and demanding, with new conditions, want thinsg included, want price reductions, cause delays and then want speed ups, and you just decide frankly you dont want to sell to them. Or you fall ill (seriously) or any of lifes other surprises.

You would be painting yourself into a corner.

Slinky

I just struck through the sole selling rights clause on our contract and took a copy of it before returning it to the agents. They didn't question what we'd done.


There seem to be more and more agents sneaking these in these days. We invited the agent around a few months ago and their letter of valuation at the time said X% sole agency. Was certainly not prepared to give sole selling, even though they have found us a buyer.

katie4

Slinky wrote: »

I just struck through the sole selling rights clause on our contract and took a copy of it before returning it to the agents. They didn't question what we'd done.


There seem to be more and more agents sneaking these in these days. We invited the agent around a few months ago and their letter of valuation at the time said X% sole agency. Was certainly not prepared to give sole selling, even though they have found us a buyer.

Thanks Slinky can i ask your reasons for striking sole selling rights out? just so i understand and if the estate agent raising any questions with this thanks

eddddy

katie4 wrote: »

This contract gives XXX Estate Agents sole selling rights over your property for a period of 3 months from the date the property is placed on the market.

3 months is quite a long time. What if they turn out to be useless? You have to wait 3 months before you can go to another EA - or pay their £350 withdrawal fee.

(And why should you pay them £350, for being useless?)

I generally ask for 6 to 8 weeks as a min contract term.

katie4 wrote: »

(a1) If unconditional contracts for the sale of the property are exchanged in the period during which we have sole selling rights, even if the purchaser was not found by us but by another agent or person including you.

As this is the first EA you're using, this isn't such an issue.

But if you moved to them from another EA, this could be a big problem.

If the previous EA introduced somebody, and that person then decides to come back and purchase after you've moved to the new EA - you'd have to pay double fees.


TBH - I'd say this is an example of a contract to avoid. In your position, I would look for another EA with a better contract.

But from experience, there are some parts of the country where most EAs seem to have "nasty" contracts, and other parts where all the EAs have much "nicer" contracts.

Slinky

katie4 wrote: »

Thanks Slinky can i ask your reasons for striking sole selling rights out? just so i understand and if the estate agent raising any questions with this thanks

If you have give your agency sole selling rights, and then your work colleague that you mention it to, your cousin, your hairdresser etc buy it via word of mouth from you rather than seeing any of the agent's marketing, for sale board etc, will result in you still paying the commission to the agent.


Sole agency gives the right to commission only if they introduce a buyer to you.


I changed some other wording from sole selling to sole agency, and initialled the changes, in places where the contract wouldn't have made sense otherwise.