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Before signing an agreement with any estate agent [however well known] it
is
essential to study the contract carefully.
For maximum protection, select an agent who is a member of the ombudsman
for
estate agents scheme. This is a voluntary scheme, which in spite of
considerable industry pressure the majority of estate agents have refused to
join. Not joining is for their benefit and certainly not yours.
The two types of agreement that you should be most cautious of are: 1]
Sole
agency agreement and
2] Sole selling right.
If you agree to a sole agency agreement do so for a maximum of 12 weeks
with a
fourteen-day notice period. This is most important. Without the fourteen-day
notice period, if a sale should fall through for any reason the agreement will
automatically be re activated for a further 12 weeks. This will continue to
happen each time a sale is aborted and there will be nothing you can do about
it. Unfair as it is, it is legal.
Sole selling right can be even more costly as even if you were to find your
own buyer the estate agent will still charge you for the full agency fees.
Whatever type of contract you agree to, if you sign it in the agents’
office
you will forfeit the right to cancel within 7 days. Sign the agreement in your
own home or anywhere else and you have a legal right to cancel it within 7
days.
Many contracts are designed to be confusing. If you are in any doubt it is
far
safer to take advice from the solicitor who will be acting for you to complete
the sale.
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