Living There
Before you begin the actual home selling process, it is important to realize the ramifications of the paperwork you sign. You should know the provisions of your estate contract and what options exist for you if you are not very happy with your estate agent.
You should always ask these three: What happens if I locate a seller on my own? How long does the service contract last between me and the estate agent? What happens if you are not happy with the services offered by your estate agent and need to file a complaint?
Most Common Estate Contracts
Many of the contract terms that you will get with an estate agent are dependent upon the way that the estate agent operates.
Sole Selling: In the case of a sole agency, this contract stipulates that your estate agent is the only person that is entitled to sell your home for the duration of the contract. Even if you manage to find your own buyer, you will still have to pay a fee to your estate agent, which is why this form of contract is not recommended.
Sole Agency: This form of contract is the most common one that is on the market. For the most part, this is very similar to the sole selling formula, except that you will not have to pay a fee if you manage to find a buyer on your own. However, if the agent has introduced a potential buyer, then they are still able to claim a commission from the sale of your home.
Multi Agency: The commission that is attached to this form of sales contract is usually much higher than single agencies. Essentially, this one works by having multiple agencies selling your home at the same time, and the one that succeeds is able to claim the commission. Watch out for additional fees being attached to this sales contract.
Terms of Payment
Always make sure that you choose an agency that will give you a few days for the payment to be transferred before there is any interest attached to the payment.
Tie In Period
The tie-in period refers to the amount of time that you are tied up in the contract. Mostly, the shortest contract period that you will ever see is six weeks. It is better to avoid contracts that extend beyond two months.
Seller Rights
As the home owner, you are entitled to many rights that are outlined in the contract with the estate agent, which must use clear, legal language. Always find and outline your specific rights and do not be afraid to ask questions so that you are clear on the expectations.
Estate agents such as Chancellors estate agents Newbury offer a free market appraisal. Chancellors estate agents have a good reputation across the market and is keen to help you to sell your property. If you have a house for sale in Surrey, Bucks, Oxfordshire or Berkshire Chancellors estate agents would be glad to help you and give you advice on selling property.
