Sole Agency Agreement Contract

eddddy

Adly812 said:

 No it wasn’t advertised anywhere, and I am shocked in fact that I got an interested buyer just through word of mouth, I never anticipated it... that’s why I was being proactive and putting it up with an estate agent .. then Sod’s law the day after I signed up, they said they’d be keen..

im not sure If I can back out..l the TOB say that there’s a 14 day cooling off period but only for face to face signatures. However I got an email in writing when I asked and the reply was “ With regards to the cooling off period, you do have two weeks from signing the contract, as stated in the terms and conditions.”

so I’m unsure if that would be sufficient enough if I cancel

 

Cancelling during the cooling off period might be quite expensive for you.


EAs' contracts generally have a clause that says they can start marketing immediately.  So if you cancel during the 14 day cooling off period, they can charge you for their costs.


So they might charge you for:

• Taking photographs
• Measuring the rooms in your house
• Preparing a floorplan
• Writing up the property details
• Phoning around their list of buyers
• Advertising
• Putting up a For sale board

.... which is likely to come to a few hundred pounds.


It's better to say to the EA that you've accepted an offer from a private buyer, so you're not accepting any more viewings for the moment.  Then you shouldn't have to cover their costs.

Adly812

I did get them to agree
I can confirm our fee is only liable on exchange of contracts and there are no other fees you are required to pay.  You shall not be accountable for any other fees should we not proceed to exchange.

and if they don’t proceed to exchange then I’m hopeful no fees will be paid. But if you suggest it’s right to be upfront and say I’m not accepting any viewings at the moment because I’ve accepted an offer from a private buyer, I’ll go with that. 

Rather than just cancel without reason 

eddddy

Adly812 said:

I did get them to agree
I can confirm our fee is only liable on exchange of contracts and there are no other fees you are required to pay.  You shall not be accountable for any other fees should we not proceed to exchange.

and if they don’t proceed to exchange then I’m hopeful no fees will be paid. But if you suggest it’s right to be upfront and say I’m not accepting any viewings at the moment because I’ve accepted an offer from a private buyer, I’ll go with that. 

Rather than just cancel without reason 

Those are contract terms - so those apply if you proceed with the contract.



But if you cancel the contract in the statutory cooling off period, those contract terms don't apply - because you've cancelled the contract!



And if you cancel any contract during the statutory cooling off period, the law says that the supplier can insist that you repay them their costs.



If you're considering doing this, ask the EA specifically whether they would charge you any costs if you cancel during the 14 day cooling off period.