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Request for help re estate agent agreement


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Not sure which forum to post this in.

 

I signed an estate agent agreement this week and have since had a friend who wants to rent my house with a view to buying it in the future.

The agreement I signed is as follows:

typr of agreement - sole selling

period - 20 weeks then 14 days notice to terminate

and I see that I also signed a waiver of my cancellation rights.

 

Do I have to keep it on the market for 20 weeks even though I don't want to sell it now?

 

Many thanks.

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Hello and Welcome areason,

 

I have moved your thread to the Residential and Commercial lettings/Freehold issues forum for now.

 

Regards,

 

Scott.

 
 

Any advice I give is honest and in good faith.:)

If in doubt, you should seek the opinion of a Qualified Professional.

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You need to look at the agreement carefully.

 

Check what it says about what might happen if they find someone who wants to buy at the asking price and you decide not to sell.

 

Also, what terms apply to people who are introduced to the property without the involvement of the estate agent.

 

Under terms of agents that I've seen, if you say to the agent today what you've told us they may insist that you pay them a fee once your friend buys the property as they were introduced to the property at the time the agent was employed by you.

 

Other terms sometimes require you to provide them with a list of people who have already expressed interest in the property so that you can avoid the agent's fees if you sell to one of them. If you are within the deadline you may wish to do this.

 

If the agent has not done any marketing yet they may simply accept that it would be a waste of time to do any.

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IMO, if you signed a waiver of your cancellation Rights, you have agreed pay EA fees until sold and you also gave them sole Agent rights.

So tell your friend to make an offer via EA (unless you can negotiate a prior cancellation of Contract with EA).

You may have to pay for any advertising or other expenses they have already incurred, to a max of any commission due on sale price.

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They have sole rights for 20 weeks and they earn a fee if you seel via them or to anyone who has contacted you directly. If you take the property off the market you effectively cant sell it for the balance of that 20 weeks plus 2 weeks notice period or you owe them money. That doesnt stop you renting it out nor marketing it elsewhere once that time has elapsed. If your friend wants to buy then he will have to rent it for six months before he makes his offer.

The waiver of your cancellation rights is about a "coolong off" period when you signed, so you couldnt change your mind say 3 days later, you would still be party to that contract for its effective period. This stops other estate agents knocking on your door as soon as the sign goes up and trying to steal the business from the EA and using the cooling off period to get out of the contract.

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