When trying to sell your house, did you know that you can find yourself committed to an estate agent’s terms and conditions even if you haven’t signed anything? Here we will reveal the contract secret….
Quick Move Now takes a look at how homeowners can protect themselves when it comes to estate agent contracts, in particular clauses on sole selling rights.
Let me introduce you to your estate agency agreement: a small A4 piece of carbon paper, plastered with faded size seven font; a worthy opponent for even the best pair of bifocals!
An estate agency agreement typically contains various clauses relating to five main areas:
- The various services you will receive
- The commission payable if a sale is achieved
- The duration of the agreement
- The period for sale
- Sole selling rights
Often included very subtly in estate agent contracts are sole selling rights which are perhaps the most disputed and contentious issue of them all, tying vendors in if marketing of the property commences or viewings are hosted, whether they have signed the agreement or not. Sole selling clauses give agents the complete and unfettered rights to sell your home, meaning that even if they’re providing you with a poor service or are unsuccessful in selling your property, it can be difficult and extremely costly for you to explore other routes.
If you sell your home by another method within the period stipulated, which can be anywhere up to a year, whether it be via another estate agent, at auction or even to a family member, the original estate agent can still charge you the commission due and will certainly sue if you fail to pay!
Remember, as with all contracts, it’s important to read the agreement thoroughly, not only before you put pen to paper but also before you host any viewings or allow an agent to market your property. Allowing them to do so under UK law contract means that you accept their terms and conditions – no signature required!
All sound like a lot of hard work? It is! For those of you who are interested in a stress-free and guaranteed way to sell your house, contact Quick Move Now to see what the UK’s leading home buyer can offer you.