EA Intro Time frame???

lurch003

Hi

Was introduced to a property last year (Nov time) which we fell in love with by Palmer Snell. We had no luck selling at the time and the property has since been taken off the market.

Our property is now back on the market and we popped round to the property even though its not on the market to see if the "sellers" are still looking to move.

They are but were disheartened with the lack of buyers.

If we were to make a move on the property NOW - would we need to contact Palmer Snell as they did actually introduce us, albeit 6 months ago and the property is no longer for sale with them.

Thanks in advance for your advice
Lurch003

PasturesNew

This type of tie in for the EAs to be paid tend, in my experience only, to be valid for 6 months from the date that the seller cancelled their agreement.

So if it came off the market, say, last week, even if you viewed it 2 years ago through that agent, it would be 6 months from last week, not any time from when you viewed.

Having said that, you/the seller would need to read the actual agreement they signed with that particular agent as there is no one standard wording, they all have slight variations on a theme.

Having said that, you can't buy it yet anyway until yours is sold/in a chain. I'd just let them know I was interested and give them my number to call me if they were going to put it back with an agent. Then leave it.

When you sell, you can then call them to say you're interested in doing a private deal. If they decide to put it on the market they can call you first to see your position before tying them into an EA agreement that might have them forking out a commission anyway.

jimc_2

PasturesNew wrote: »

This type of tie in for the EAs to be paid tend, in my experience only, to be valid for 6 months from the date that the seller cancelled their agreement.

So if it came off the market, say, last week, even if you viewed it 2 years ago through that agent, it would be 6 months from last week, not any time from when you viewed.

Having said that, you/the seller would need to read the actual agreement they signed with that particular agent as there is no one standard wording, they all have slight variations on a theme.

Good advice here to check the wording of the seller's agreement with their old EA (if they still have it). One of the OFT's 'issues' with Agents is that the way this clause is written into some contracts makes the right to a commission interminable following an introduction by them.

You could get round this by asking your potential seller to write to their old Agent saying that although their house is now off the market, they might considering selling in a few years through another agent. They therefore need an official letter from the Agent stating that their right to commissions under the old agreement ceased on date X regardless of the status of the eventual buyer.

Then buy privately.