You must provide the Seller with a copy of the New Zealand Residential Property Agency Agreement Guide[PDF, 2.2 MB] [PDF, 2.2 MB] before signing the agreement and asking the Seller to confirm in writing that he has received it. If the seller changes his mind at the signing of a single agency contract, he can terminate it (in writing, by letter, fax or e-mail) until 5:00 p.m. on the first business day after signing a copy of the agreement. The agreement defines all the terms of your contract, for example. B what your agent will do for you and what you pay for. If you use an agency to sell your property, you must first sign an agreement with them. You can check here if your agency has agreed to use the standard REA agency contractual clauses. Real estate agencies can use standard clauses in their agency contracts. These clauses approved by REA protect you: However, if you do work before the cancellation of the contract leading to the sale of the property, the terms of the agency contract are legally binding. The agency agreement establishes whether it is a single agency or a general agency agreement, when it starts, when it ends and how it can be terminated. It is up to you and the Agency to agree on the duration of the agreement. Sellers of a business in a recent case could be held responsible for the commission of a former agent, although the seller understood that the former agent would not charge them a commission because it felt compelled to establish a “protocol” in the district.
In accordance with the protocol, the agents agreed that they would not charge a commission unless a successful sale took place within seven days of the termination of their agency contract. A buyer`s representative cannot negotiate a conjunction sale agreement. In a conjunction agreement, the broker who introduced the buyer to the listing agent may work with the buyer, but he does not work for the buyer because there is no agency agreement. You can contact another agent`s client to explain what you can offer them when their current agency agreement ends. At any time, until an agreement is reached unconditionally, you can decide that you do not want to sell your property and remove it from the market. It is important that all licensees involved in connective sales remember that they must act in the best interests of the seller and respect their fiduciary duty to the seller or landlord. This means that the conjunction agent still has a fiduciary duty to the seller, although he does not have the offer. It is necessary to make the buyer understand that the main responsibility of the seller lies with the seller. If you are not the sole owner of the property, either all owners must sign the agency contract or you must prove that you have the right to sign for all other owners. (You must provide written confirmation to the agent, for example. B a power of attorney, a decision on directors, company minutes or a court document.) A general agency agreement gives more than one agency the right to market your property.