Most general agency agreements set the notice period. The notice period should allow the Agency to complete any introductions. You may be contacted by a supplier who wishes to sign a single agency contract with you, while he has an exclusive agency agreement existing with another agency. We advise you not to accept this creditor as a customer until the end of the existing agreement. If you are not satisfied with the services of an agent, it is important to terminate your contract with them correctly before registering with another agent. Otherwise, both agents can charge you a commission if the property is sold. Make sure you don`t jeopardize your relationship with the current listing agency – don`t make any negative comments about how the property was listed or about the listing agent. If an agency agreement is terminated, you must tell the seller the names of all potential buyers you have submitted to the property and inform the seller that if one of these potential buyers buys the property, it may entitle you to a commission. You must warn the seller that he may pay two commissions if the buyer has been introduced by another agent or if he has an existing agency agreement that has not been terminated. If the single agency agreement is valid for a residential property and for a period of more than 90 days, you or the seller can terminate the contract at any time after 90 days. The cooling-off period gives you time to read the agreement, consider the conditions you have agreed to, including the agent`s expenses, and get independent advice if you have any doubts. A single agency agreement looks like an exclusive agency agreement. You give a broker the rights to sell the property, but you can find a buyer yourself.
If you find a buyer who has not been introduced by the agent, there is no commission to pay to the agent. You need to explain when the agency agreement expires and how the lender can cancel it. It is effectively an exclusive agency agreement in which the property is auctioned. You should also warn them that if they terminate the agency contract with you and then sell it privately to someone you have introduced, they may still be required to pay a commission. What happens when an agency agreement is terminated depends on what the agreement says.