Hi, I have previously posted in help forum but as this is more of a contract legal issue thought I should post here.
Here is my problem, we (well me anyway) recently signed an agreement with our agent to Auction our IP, the house didn't sell, we passed it in. I don't know if it was because of lack of Agency trying or the fact it was held the wednesday after Easter. Regardless, I have just noticed that they put the agreement to last exclusive for 6 months!!!!!!
Now i'm not happy with the fact the agent has had no firm offers even before the Auction, let alone afterwards and I feel it is because they are steering clients to the more expensive properties that will give them higher commisions.
So me thinking the exlusive agency agreement would have been finished by now (didn't even realise I had signed a new one when I signed the auction agreement) have listed the house to sell myself.
I have got 2 VERY interested prospective buyers already in just 2 days!So here are my questions.
1. My husband didn't sign the agreement and is also an owner of this property, so is it still binding?
2. As it has already been approx 60 days since signing, do I have to wait the full 90 days to give 30 days notice, or can I give it now to end on the 90th day?
3. If I give 30 days notice and then sign a contract for sale during that 30 days to sell the property on my own, is the agent still entitled to commision (unless question 1 already nullifies the whole thing) even if settlement occurs after the 30 days?Surely there is a way out of this! Obviously the agent hasn't done a good job if I can get a buyer in 2 days and they have had it for 8 months already!
This may be all nothing anyway, as the 2 interested parties havn't actually committed to buying or anything, but it seems the best interest i'v had as yet!
Oh and the wording of the first part is
'IN CONSIDERATION of the agent promising to use their best endeavours to sell the subject property….blah blah……Now what if I consider that they havn't done that? And yes those 2 words are capitalised on the agreement itself.Thankyou all in advance
Linda
Linda, please be careful with agent contracts they are not written in favour of the purchaser. I hesitate to comment specifically becasue I'm not sure what you signed but YES the agent will be entitled to full commission if you sell it yourself unless it has been cancelled in writing and acknowledge that it has been cancelled by both parties.
Even then, if they can proove that you sourced buyers while they were under contract they could argue that the buyers came to you due to their advertising and are therefore entitled to a commission although the contract is cancelled.
An ethical and honest agent will let you out of the contract especially after having a try for 8 months, they realise that customer relations are more important than dishonest commissions. Unfortunately, most are not ethical and honest!
PS, if the title is in both your's and your husband's name then both signatures should appear on the agency agreement. If not, your husband can approach the agency and say that he does not agree to sell this house. Contract will then be void. However, if your husband was present all along and knew it was up for sale, then they have a course to argue back!
Thanks,
I might give them a call tomorrow and tell them that I want to cancel and take it off the market with REA's for 6 months and if I can't sell it by myself in that time I will re-sign with them, do you think they would go for that? Maybe if they know it's not going to another agent they may be O.K with itWhat about the fact my husband hadn't signed the agreement? Does that count?
My husband was still in QLD and I was in NSW, he did know we had the house on the market, but I doubt he would have agreed to give them exclusivety again and for that long
Well I called the real estate and she was fine with letting us out of the agreement. 10 Minutes after I faxed off my letter I got a conditional offer on the house!!!! The buyer is sending a holding deposit today because I said I wouldn't commit to his offer if he might change his mind when another party is also very interested as he won't be looking through until the 17th.
I can't beleive I got an offer this quickly after the RE had it for 8 months! And guesse where it was that I advertised and which site has brought most interest?
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