The agency agreement must correctly identify the client. When a family business owns real estate, the agreement must always relate to the business unit and not to individuals; In addition, the person who signs on behalf of the company must indicate the ability to which it is signed, i.e. as a manager, secretary or other holder. In addition, when an agent chooses not to use the standard agency agreement form, the representative must ensure that all of the above conditions are included in any form of agreement. 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 a few agents to compare prices. Ask each agent to have a printed list of their fees and the commissions and fees they charge. Section 55 of the Property, Stock and Business Agent Act 2002 (NSW) stipulates that a written agency agreement for all services must be prepared by an agent for a client if the agent wishes to claim a commission. The written agency agreement must also meet the requirements of the Property Stock and Business Agents Regulation 2003 (NSW). The agency agreement must indicate the estimated amounts or amounts of these commissions or discounted on these services. You can negotiate with the agent to find out if you need to pay the full amount. It is effectively an exclusive agency agreement in which the property is auctioned. Before you can market your property, the broker must sign a contract with you called an agency contract.
An agency contract is a legally binding contract and it is important that you read and understand it. If you are unsure of the terms of the contract, you should seek legal advice. In South Australia, it is customary to appoint a real estate agent who sells your property through a Sole Agency contract. This means that, although you have a signed agreement with an agent, you cannot sign with another agent, nor contact another agent to sell your property. Under current legislation, an agreement on the sale of residential properties in South Australia may not exceed 90 days. If your contract expires and the property has not been sold, you have the right to extend with the same agent or to use the services of another agent.