Everything You Need To Know About Real Estate Agency Agreement

Do you know more about real estate agency agreement? If you’re about to sign this document or if your agent has mentioned this agreement to you, then you need to first consider these factors.

First of all, you need to know the true value of your apartment, so it’s essential for your agent to give you an accurate market appraisal. How can you make a decision if you want to sell your apartment or not, without knowing its true market value? After all, your main goal is to get money from your property.

Another thing you need to consider is your agent’s recommendation on how he/she will market your property. Make sure they’re clear on the type of marketing method they choose, because it should be the best for your property. Ask for sales evidence from your agent or check his/her current track record.

For sure, you’ll find out if what they claim could really provide you the results that you’re looking for. Also, it would be wise to know the type of agency agreement you’ll be signing – is it sole agency or general agency?

Always remember, in a sole agency agreement, it’s only your agent or his/her agency can sell your property and you’re locked in for 90 days. This only means that you are stuck with that agent, even if they are doing a bad job. While in a general agency agreement, everybody can sell it. These factors should be clear to you before you decide to go into contract with your agent.

Be aware that this contract is legally binding. Therefore, your agent must provide you with a guide from REAA which tackles agency agreements and how to legally put your apartment on listings. My advice to you is to pass any document to your lawyer, so he can have a look through it, and just to make sure that there’s nothing in there that you’re not aware of.