When selling a house one of the headaches you may encounter can be dealing with your estate agent. When you want to sell your home, the first thing is to engage the services of an estate agent who understands your local market and has experience in selling your type of property.
Estate agents are paid a commission that is based on a percentage of the property sale price (usually it’s 1.5-2%+VAT).
The relationship between a homeowner and an estate agent is a professional relationship formalised by a contract setting out the estate agent’s terms of business.
Your Relationship With Your Estate Agent
For some reason the homeowner can decide that selling his or her home is not the best option and may decide not to sell. For some other reason, the homeowner can decide to change the agent or to engage a number of agents to speed up the process of selling the house or property. The seller can also opt to save thousands of pounds by selling the property on his or her own. Either way, there are things that the homeowner needs to know or there are tips that will help the seller to get the most out of this relationship. Knowing what to do will always come in handy in cases of disagreement between you and your estate agent.
If one for instance has a sole selling agreement, one must wait until completion of the notice period. This is so even in instances where one has found a private buyer. The agent will have exclusive rights to sell your house to the exclusion of all others and even you as the seller cannot breach this agreement. If on the other hand you have a sole agency agreement, you need to check how long the period of the agreement runs for and you may not instruct or engage the services of another agency for the duration of the agreement or before the period of notice expires. In the event that you engage the services of another agency, you will remain liable to pay the commission fees of the first agent and that of the second agent too.
When You Have To Pay The Fee
When you engage the services of an estate agent, you are only liable to pay commission fees when the house has been sold. In the event that the house is sold to someone who was introduced to you by the agent, you must pay the agent his or her commission fees, irrespective of whether you have withdrawn the mandate or not. If the agency or the agent is the member of The Property Ombudsman, or the National Association of Estate Agents, after six months of the withdrawal of instruction by you, they waive the right to being paid a commission and they will not be entitled to claim it from you. Agents who are not members of these professional bodies may continue to claim commission from you for more that five years and you must be wary of them.
In the event that you have instructed more than one estate agent, the agent who introduces you to the buyer of your property can claim commission from you. If you would like to avoid using an estate agent and sell your property quickly, fill in our online form and one of the team will get back to you within the hour.