A sole agency gives one agency the exclusive right to market and arrange the sale of your property.
There are some things to be aware of if you are considering a sole agency:
- You should not sign another agency agreement if you already have a sole agency in place. If you do you may have to pay all the agencies a commission, regardless of which agency actually arranged the sale.
- If you have second thoughts about a sole agency agreement after you have signed it, you can cancel the agreement by 5pm on the first working day after you have been given a copy of the agreement. Cancellation must be in writing (which includes fax or email).
- If you sign a sole agency agreement that is for a term of more than 90 days, then either you or the real estate agent can end the sole agency agreement after 90 days. This must be done in writing (which includes fax or email).
- In some agreements, the sole agency agreement becomes a general agency agreement when the sole agency is cancelled. This means you will also need to cancel the general agency agreement if you do not wish to continue with the agency.
- If a real estate agent carried out any agency work before the agreement is cancelled, and that work results in the conclusion of a contract concerning a property transaction, the agency agreement will be legally binding.
