Private house sale - agent fees question
Discussion
Apologies if it's been asked before (it probably has but I couldn't find it on a search)...
I may be putting my house on the market in a few weeks. However, couple of mates are interested. I've heard that once a house is with an agent they'll try and claim their fee even if it sells through a private arrangement - is there a letter or something I can write to get signed by me and the potentially interested parties that avoids this problem - or do I just need to let the agent know in advance the names of the other parties so they are aware in advance.
Helps!
I may be putting my house on the market in a few weeks. However, couple of mates are interested. I've heard that once a house is with an agent they'll try and claim their fee even if it sells through a private arrangement - is there a letter or something I can write to get signed by me and the potentially interested parties that avoids this problem - or do I just need to let the agent know in advance the names of the other parties so they are aware in advance.
Helps!
LeeME3 said:
Apologies if it's been asked before (it probably has but I couldn't find it on a search)...
I may be putting my house on the market in a few weeks. However, couple of mates are interested. I've heard that once a house is with an agent they'll try and claim their fee even if it sells through a private arrangement - is there a letter or something I can write to get signed by me and the potentially interested parties that avoids this problem - or do I just need to let the agent know in advance the names of the other parties so they are aware in advance.
Helps!
Depends whether the estate agent's contract gives it sole selling rights or sole marketing rights. If it is the latter you can theoretically find your own buyer without owing fees.I may be putting my house on the market in a few weeks. However, couple of mates are interested. I've heard that once a house is with an agent they'll try and claim their fee even if it sells through a private arrangement - is there a letter or something I can write to get signed by me and the potentially interested parties that avoids this problem - or do I just need to let the agent know in advance the names of the other parties so they are aware in advance.
Helps!
But most agents will allow you to exclude specific parties, within reason. Two or three names should be fine, "anyone else who knows me" probably not.
Manks
Edited for spelling.
Edited by Manks on Monday 17th May 19:17
look at the OFT website and find a guide of estate agency terms. you then need to see which term is most apropriate for what you want
sole selling rights means they get fees regardless of who sells it
sole agency just means they are the only agent allow to sell it - but dont get a fee if its doesnt go through them (i think)
sole selling rights means they get fees regardless of who sells it
sole agency just means they are the only agent allow to sell it - but dont get a fee if its doesnt go through them (i think)
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