However, if you do work before the cancellation of the contract leading to the sale of the property, the terms of the agency contract are legally binding. If you sign a single agency contract, there are some things to keep in mind: real estate agencies can use standard clauses in their agency contracts. These clauses approved by REA protect you: if an agency agreement ends, there may be downtime. During this period, if you sell your property to someone that the agent has entered into your property, you may be charged commissions by the agency. You need to consider the cost of additional marketing against the potential benefits. The Agency should develop a detailed marketing plan explaining what you pay when. Remember that you have to pay for additional marketing, even if your property is not sold. The duration of the downtime in the standard REA clauses for residential real estate agencies is six months, and in the standard REA contractual clauses for rural agencies, the default period is 12 months. This also applies if you use standard clauses for residential or rural maintenance contracts. To learn more about our recommended standard clauses for housing agency and country agency contracts, click here. You can waive your right to a cooling-off period or waive it by signing a separate waiver form when the agreement is signed. You must provide a statement on the discounts, rebates or commissions you receive and indicate the amount.
You are not entitled to a creditor`s expenses if this information is not included in the agency agreement. If the seller changes his mind at the signing of a single agency contract, he can terminate it (in writing, by letter, fax or e-mail) until 5:00 p.m. on the first business day after signing a copy of the agreement. On settled.govt.nz (external link), we recommend that sellers get legal advice before signing the agency contract. A real estate agent may be reconstituted for an exclusive residential real estate sales agency for one or more conditions of no more than 90 days. This disclosure takes place in a form that must be included in the Agency`s agreement. A single agency looks like an exclusive agency. You can always ask for a commission if another agent sells it. Unlike an exclusive agency, you are not entitled to a commission if the customer sells it himself. It is important to communicate to the agent everything you know about the property, as an agent is required to disclose the known defects of a property to a potential buyer. A representative may terminate an agency contract if you ask them not to disclose known defects.