For example, on Thursday morning, the agent will give you a copy of the unsigned agreement and this fact sheet that you read and review carefully. On Friday afternoon, sign the agency contract and waiver form. The agency contract becomes immediately mandatory and the agent can start selling your home. If you are selling a residential property with a pool or spa, make sure it complies with the Swimming Pools Act 1992. For more information and to check your responsibilities or to check if a property with pool / spa has an up-to-date certificate of conformity, visit the NSW Swimming Pool Register website. Exclusive agency contracts are usually used for the sale of housing. In this type of agreement, you give a broker the exclusive rights to sell your property. This may entitle the broker to a commission if the property is sold during the fixed term of the contract, even if the property is sold by you or another broker. The broker may also be entitled to a commission if the property is later sold to a person who negotiated with the original broker for the property. The agent cannot charge you any fees or charges related to a duly cancelled contract. Any money you have already paid to the agent must be reimbursed to you.
The agency contract becomes mandatory if the contracting entity (i.e. you signed as the owner [seller/seller] of the property or someone who is acting legally for you) and the agent signed it. There is then a one-business day cooling-off period during which you can terminate (or “revoke” the agreement). Saturday is included for reflection time, but not on public holidays. It is indeed an exclusive agency contract in which the property is auctioned. If you wish to terminate the contract, you must note this in writing. Check your agreement to see how much notification you need to give. If you decide to terminate the contract during the reflection period (or to “resign”), you must send a “declaration of resignation” to the agent. You can negotiate with the agent the amount of commissions, fees or other expenses you may have to pay. Before signing an agreement, it`s a good idea to talk to some agents to compare prices. Ask each agent for a printed list of their fees and commissions and the expenses they have calculated. You have the right to negotiate the terms of the treaty and to demand changes permitted by law….