Estate Agent Contract Question

Tomby1

Thanks everyone for the responses.

We'd be looking to effectively sign contracts and go on the market next week so we won't be waiting around, even if the market is rather slow at the moment.

To give some context, the reason we are set on this particular property is that it (with some investment/work after moving in) ticks all our boxes, and we haven't found anything similar in the small area we are looking in over the past 2-3 years. It's pretty shabby internally which makes getting a mortgage achievable as it is priced around £20k cheaper than anything else (and we are aiming to get it for another £9k below that).
That, coupled with having a 6 month old baby plus pets to deal with for viewings etc, means we did not want to go to market unless it was realistically viable that we would be moving.

There is nothing like 'Ready, willing and able buyer' in the contract, so it sounds like we would be secure to proceed to put our property on the market.

Thanks again to everyone who responded, all the responses were very helpful.

Thrugelmir

Tomby1 wrote: »

To give some context, the reason we are set on this particular property is that it (with some investment/work after moving in) ticks all our boxes, and we haven't found anything similar in the small area we are looking in over the past 2-3 years.

You aren't the first person to make a post in this vein nor will be the last. Waiting for a property to come onto the market before selling ones own is a risky strategy.

G_M

You will be liable to pay remuneration to us, in addition
to any other costs or charges agreed, if at any time
unconditional contracts for the sale of the property are
exchanged with a purchaser introduced by us during the
period of our Sole Agency, or with whom we had
negotiations about the property during that period, or
with a purchaser introduced by another agent during that
period. This liability persists for six months from the date
this agreement ends.

As explained, this is not the same as when you accept an offer.


You would not Exchange Contracts until you have also found a property to buy. You would then Exchange Contracts on both properties at the same time. Only then would you be liable to pay the EA fee.


I also agree with others that you should negotiate the 12 week period down. To 4, 6 or max 8 weeks if possible.

GDB2222

"Additional overriding terms

The parties agree that the following additional terms will override all other terms of the contract. If there is any conflict, these overriding terms will prevail.

The agent will not be entitled to commission unless the buyer/buyer’s agent is introduced by the agent, has attended a viewing of the property arranged by the agent, and has completed a purchase of the property as a direct result of that introduction during this contract or within four months of it ending.

Upon termination of this contract, the agent will provide the names of all those introduced by the agent and who attended a viewing of the property arranged by the agent, subject to consent under GDPR."

I'd negotiate around those terms before signing up.