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4-1 SELLERS GUIDE
a) Have a look around and get at least 3 Estate Agents to give you a valuation for your property and a quote for their services.
Remember, when you ask an Estate Agent to act on your behalf, and they agree, you are entering into a legally binding contract.
Check out it's terms, find out if you have the right to cancel the contract and how long it runs for. 4-2 For the best deal
a) Try to negotiate on fees
b) Based on the estate agents valuation, ask for the fee in monetary terms and not just as a percentage of the valuation.
c) Get more than one valuation and always try to be realistic - selling at inflated prices translates to longer selling periods.
d) Check if advertising, brochures e.t.c. are included in the package.
e) Check what you are signing up to - whether sole or multiple agency deal or sole selling rights deal e.t.c.
f) Read and make sure you understand the contract. Ask questions so as to clarify issues. Don't sign anything you don't understand. 4-3 What are the sellers rights?
a) Potential buyers can view your property and can make an offer to buy it if interested.
b) Estate agent has an obligation to inform you promptly of all offers made for the property.
c) A seller can re-negotiate the price and conditions of sale without penalty so long as its during the period when an offer is being accepted or when exchange of contracts has not taken place. 4-4 What must the Estate Agent do?
a) They must provide written details of how much you will be charged and when payments will be due. Fees are normally paid on completion of the sale.
b) The agent must fully explain, in writing, all terms used in the contract e.g. sole selling rights, sole agency, multtiple agency, ready willing and able purchaser e.t.c.
c) Estate agent must also take details of property particulars like its size and features once they have been instructed to visit your property. 4-5 What musn't the Estate Agent do?
An estate agent must not make false or misleading statements about the features of a property. This constitutes a criminal offence. |