What does sole agency agreement mean?

A sole agency contract is one where the agent expects to be the only one with the right to sell your property. This means you may have to pay the agent even if another agent finds you a buyer.

What happens when you sign a sole selling rights contract?

In a sole selling rights contract you will be bound to agency fees even if you find a buyer yourself. You will also not be able to instruct another estate agency to act on your behalf. Sole agency – When you sign up to a sole agency contract you will be unable to instruct other estate agents during the agreement period.

How does a sole agency agreement work in South Australia?

Sole Agency Agreement. It is usual in South Australia to appoint a real estate agent to sell your property by way of a Sole Agency Agreement. This means that whilst you have a signed Agreement with one agent, you cannot sign with another agent, nor can another agent approach you to sell your property.

Can a sole agent instruct another estate agent?

Sole agency – When you sign up to a sole agency contract you will be unable to instruct other estate agents during the agreement period. However you will still be free to sell privately without paying any commission to the agent.

Is it possible to change sole agency agreement?

However, you may be able to negotiate changing the sole agency agreement to a joint sole agency agreement with the original estate agency. For information about different types of agency agreements, see Selling a home.

What happens when you sign a sole agency agreement?

A sole agency agreement gives one agency the exclusive right to market and sell your property. If you sign a sole agency agreement, there are some things you should be aware of: You shouldn’t sign another agency agreement with anyone else. If you do, you may have to pay both of the agencies a commission when your property sells.

When does sole agent contract on property end?

In practice this meant the contract had another eight weeks and one day to run before it expired at the end of March. She was informed that should another agent sell the property before the sole agency period had expired, she would have to stump up the cash for their fee.

Do you have to pay sole agent to sell property?

A sole agency contract is one where the agent expects to be the only one with the right to sell your property. This means you may have to pay the agent even if another agent finds you a buyer. Sole selling rights is the same as sole agency except you have to pay the estate agent even if you find your own purchaser,…

Can a buyer sign an exclusive contract with another agent?

If you have an exclusive agreement with your agent, you should not work with another agent while the contract is in force. An agent typically works with a buyer for a few weeks to several months, and sometimes even longer.