If you`re hoping to sell your residential property with the assistance of an agency, you`ll likely need to sign an agency agreement. This document will outline the terms and conditions between you (the seller) and the agency you`ve chosen to work with. It`s important to read this agreement carefully before signing to make sure you understand the details of your relationship with the agency.
First and foremost, the agency agreement should clearly state the duration of the agreement. This will typically be a set number of months, during which time the agency has exclusive rights to market and sell your property. It`s important to pay attention to this timeframe, as you may be required to pay a fee to the agency if you terminate the agreement early.
The agency agreement should also outline the scope of services the agency will provide. This may include things like listing the property on multiple listing services (MLS) and other real estate websites, hosting open houses, and arranging appointments for prospective buyers. Make sure you have a clear understanding of what the agency will do to market your property and what is expected of you as the seller.
Additionally, the agency agreement should specify the commission rate you`ll pay to the agency upon sale of the property. This is typically a percentage of the sale price, and you`ll want to make sure you understand the exact amount you`ll be paying. You should also be aware of any additional fees or expenses that may be associated with the sale.
It`s important to note that while the agency is working on your behalf, they are not legal representatives or attorneys. The agency cannot provide legal advice, and you may want to seek the advice of an attorney before signing any final agreements.
In summary, the agency agreement for the sale of residential property is an important document that outlines your relationship with the agency you`ve chosen to work with. Make sure you read it carefully and have a clear understanding of the fees, services, and duration of the agreement before signing. With the right agency partner and a thorough understanding of the agreement, you can successfully sell your residential property and move on to your next adventure.