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Sole agency agreement and private sale. Help asap please
kerrydan
Posts: 31 Forumite
Hi all, I signed a sole agency agreement with an estate agent 5 days ago and they proceeded to market the property and I had a number of viewers. On the contract under Estate Agents act 1979 it says I must disclose any other parties that have interest in the property. I declared no, as this was true at the time. Thursday I bumped into an aunt who said my cousin might be interested and number was exchanged and I organised a visit Friday. She then came back sunday morning and made an offer. I immediately phoned the estate agent and informed them I had received a private offer.
A colleague of hers rang me Monday to say I would be liable for the full charge because I did not declare that other party had interest. I said I couldn't because no one was interested at the time and this was the truth. I advised him that any one with any common sense would not have put the property up for sale and pay the fee's if they had an offer on the table when they signed the contract. he said he would have to speak to his manager and would get back to me. I noticed under certain conditions that you have 7 days to back out under the estate agents code of practice but I am still not sure if this is correct due to legal speak . Can any one give me some advise asap please.
thank you
kerry
A colleague of hers rang me Monday to say I would be liable for the full charge because I did not declare that other party had interest. I said I couldn't because no one was interested at the time and this was the truth. I advised him that any one with any common sense would not have put the property up for sale and pay the fee's if they had an offer on the table when they signed the contract. he said he would have to speak to his manager and would get back to me. I noticed under certain conditions that you have 7 days to back out under the estate agents code of practice but I am still not sure if this is correct due to legal speak . Can any one give me some advise asap please.
thank you
kerry
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Comments
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I think ur position is stronger as this is family, therefore word of mouth argument is stronger. But wait and see what they say0
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The estate agent won't back down if they think they can get money from you and now they have seen an opportunity to cash in.
How long is the sole agency agreement for?
You tell your relative to withdraw their offer, then wait until the agreement finishes then re-offer.0 -
thank you for your replies. I have looked at the Estate Agent act 1979 and 'declaring a personal interest' under the Act. I am positive it relates to them not the client.0
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No, you don't.You tell your relative to withdraw their offer, then wait until the agreement finishes then re-offer.
OP has not broken the contract. Sole Agency is not the same as Sole Selling. EA would need to take OP to court.
Given the circumstances, I would strongly fancy the OP to walk from court with no judgement against them.0 -
Sole Agency = one agent marketing the property & can claim the fee if they introduce a buyer .
Sole Selling=Regardless of who introduces the buyer the agent still claim the fee.
In the case of the OP . The agent didn't introduce the buyer therefore cannot claim their fee.Never tell .0 -
Are you 100% sure it is sole agency and not sole selling rights?
If the former, you are (probably) OK. If the latter, you (probably) owe them.0 -
Are you 100% sure it is sole agency and not sole selling rights?
If the former, you are (probably) OK. If the latter, you (probably) owe them.
I wonder if there would be much scope to claim it was an unfair contract term (if Sole Selling)?
I'm glad I discovered MSE as before then I would have had no clue about the difference between Sole Agency/Selling etc etc.
When I last sold my house, the first thing I did when presented with the EA contract was cross out the bumpf re EA fees payable "on finding ready, willing and able buyer" and replaced it with "on completion". Waaaay too much scope for EAs to get their fee even without a sale in the former situation.0 -
thanks guys, it's definitely a sole agency agreement.0
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For any contract signed in your home, you have a 7 day cooling-off period, unless you signed anything which waived this.0
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For any contract signed in your home, you have a 7 day cooling-off period, unless you signed anything which waived this.
This is usually ( on the ones I have signed) on the bottom of the contract and the EA will push you to sign it so they 'can get marketing straight away'.Ditch 100 in January Challenge 100/100
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