Hi all,
When selling a house, as I understand it an agent receives authority to market and sell the property. How long does that authority last?Say I’m the agent and your selling your property, there must be a lapse time when the vendor can say “hey you haven’t been able to sell my property now I’m going to give it to a different agent to sell”
Does anyone know the answer to this?
Thanks in advance,
MarkyMark
Marky,
Are you based in Sydney? This info is based as if you were selling a property in NSW.
Firstly, there are different agency agreements. They are Exclusive, Open and Sole. The first 2 are the main one’s used.
With the ‘exclusive’ this is usually 90 to 120 days. The norm is 90 days. Please note that it is up to you to how many days you are willing to give the agent to sell your property.
With the ‘open’ agreement, as the name says, it remains open till you terminate the agreement.
Feel free to call me on 0408-440-453 if you have further questions.
Marty
Kind regards,
Smart CookieT (02)9501-2531
F (02) 9501-2541
W http://www.smartcookie.com.auYou could possibly negoitiate any terms to your satisfaction. 3 months is a long sale period and often agents don’t get serious about selling your property until the second month when they start getting worried that you will not renew if they can’t sell it in time!!!
Go for 1 month at a time, to keep them working hard.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi Marky
In QLD the maximum term on an exclusive agency is 60 days. That then reverts to an open listing.
Ofcourse the agent will/should ask for a renewal 2 weeks prior to it expiring.
You can ask the agent to be released from the exclusive, but they have to agree to it ( in writing)[suave2]
If you’re not happy with the agent, don’t be frustrated by the exclusive agency, they do work better. Find a more pro-active agent.
Although the terms on the exclusive agreement are 60 days ( in QLD) you as the vendor can negotiate the duration if you want.
You might only appoint an agent for 30 days if they agree to list.LEt me know if you need further info.
Cheers
Chad
Jenman suggests 6 weeks – I agree. Some time ago my brother signed a sales agreement and by default it said 90 days. Thats a bloody long time and I recall with my brother that he had a disgreement and he could do nothing till the time expired.
Six weeks should be enough time to market a property.
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