Exclusive agency contracts are often used for the sale of residential real estate. In such an agreement, you give an agent exclusive rights to sell your property. This may give the broker the right to pay a commission if the property is sold during the fixed term of the contract, even if the property is sold by you or another agent. The broker may also be entitled to a commission if the property is later sold to a person who trades with the original agent. The agency contract becomes mandatory when the contracting entity (i.e.: You as the owner/seller of the property or someone who acts legally for you) and the agent have signed it. There is then a one-day cooling-off period during which you can terminate (or “revoke”) the contract. Saturday is included for the purposes of the cooling-off period, but not on public holidays. The cooling-off period can only be cancelled if the agent has provided you, at least one business day before signing the agency contract, with the following documents: you can personally hand it over to the agent, deliver it or leave it by email or fax to the agent`s office or address in the agency contract. Make sure you keep a copy for your recordings. If you are not satisfied with the services of an agent, it is important to terminate your contract with them correctly before registering with another agent. Otherwise, both agents can charge you a commission if the property is sold. 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. If you decide to terminate (or revoke) the agreement during the cooling-off period, you must send a “notice of resignation” to the agent. For example, on Thursday morning, the agent will give you a copy of the unsigned contract and the card that you read and examine carefully. On Friday afternoon, you sign the agency contract and the waiver form. The agency agreement becomes immediately mandatory and the agent can be made in exchange for the sale of your home. The agency agreement can be concluded either for an indeterminate period or for a fixed term (“fixed term”). The cooling-off period gives you time to read the agreement, consider the conditions you have agreed to, including the agent`s expenses, and get independent advice if you have any doubts. The cooling-off period begins when you sign the contract and ends at 17:00 on the business day or the following Saturday.
For example, if you sign the agreement on a Friday, the cooling-off period will end on Saturday at 5 p.m. When you register on Saturday, the cooling-off period usually ends on Monday at 5:00 p.m., unless it is a public holiday, in which case it ends on Tuesday at 5 p.m. 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. You can waive your right to a cooling-off period or waive it by signing a separate waiver form when the agreement is signed. You have the right to negotiate the terms of the contract and to demand changes authorized by law. Changes to the agreement must be signed by all parties, unless the agent reviews the estimated sale price of your property.
You can negotiate with the agent the amount of commissions, fees or other expenses you may have to pay.