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Estate agent contract - commission at exchange or completion.
GUYd
Posts: 19 Forumite
I am about to sign a contract with an estate agent that would require me to pay their commission on exchange of contracts rather than completion. Is this normal?
If the sale fell through between exchange and completion I would be liable to pay the agents commission out of the deposit. Has anyone else had experience with these types of terms?
If the sale fell through between exchange and completion I would be liable to pay the agents commission out of the deposit. Has anyone else had experience with these types of terms?
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I am about to sign a contract with an estate agent that would require me to pay their commission on exchange of contracts rather than completion. Is this normal?
If the sale fell through between exchange and completion I would be liable to pay the agents commission out of the deposit. Has anyone else had experience with these types of terms?
The usual is that the invoice is sent to your solicitor at exchange for him/her to pay, from proceeds, at legel completion. If you haven't yet signed, and it is vague, insist of making a tweak to this point on the paperwork. Exchanging and not completing is almost unheard of and many solicitors will never have experienced a case of that happening. But again suggest a tweak on the paperwork to make this clear that commission is only payable on a successful completion.A retired senior partner, in own agency, with 40 years experience in property sales & new build. In latter part of career specialising in commercial - mostly business sales.0
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