LEGAL OBLIGATIONS

RE  OPEN / EXCLUSIVE OR SOLE AGENCIES

If you have had a recent agreement for a specific period say 30-180 days with a real estate agent which has now expired, you must advise that agent in writing that your agreement has formally concluded to avoid “on-going agency”.
Note:  Otherwise it could continue on for the rest of your natural lifetime OR for 120 days after you officially cancel it in writing (to cover any person whom the agent may have introduced during the agency period)

Note: Keep a copy of your letter and also send another to your solicitor/conveyancer,  this assures that the Agent has no further interest in your property (applies to all “Open”, “Sole”, “Exclusive” & “Auction”  Agreements).

My advise to you is to sign nothing in future with a real estate agent, no matter how innocent it may appear.  By NSW law a Real Estate Agent must have a signed agreement before introducing any potential buyer to your property which means they must ask you to sign another before gaining entry if your situation should change again.

DRAFT COPY:

Licensee in Charge

Address of Agent

Date

To the Licensee in Charge

Please note that the agreement between us, dated ………….., is about to or has already expired and that we now intend to sell our property by Private Sale.   In order to comply with any period of “on-going agency” every precaution will be taken by us to identify and avoid dealing with person/persons you may have previously “introduced” to our property during the agency period.

Please remove and collect your sign within 7 days.

Thank you for your past services, please arrange for our contract and keys (if any) to be picked up in the next few days.

Signature/s

cc.  Conveyancer/Solicitor                                                                       

This information is intended for the clients of North Coast Private Property Sales and is not to be reproduced for any other purpose.