The first thing of importance to note if you are selling your property through an estate agency is to make sure you have a contract. This should always be written and you should ensure you give yourself enough time to read and understand it. If you are not happy with it, then do not sign it. Seek further advice.
Usually there are 2 types of contracts:
1. Sole Agency
This is where you are tied into a 3 month contract with the agent. During that time they have the sole rights to sell your property. No other company can sell your property and you cannot advertise or offer your property for sale with another agent during that period.
If you find your own cash buyer directly however ,you will not usually have to pay their fee, but please always check your agreement.
2. Multi agency
This is the most common type of Agreement for most sellers. You can advertise your property with as many agents as you like. Usually the commission is slightly higher for this Agreement, but you only pay the agent that sells your property.
Other Important things to consider:
- Always check your tie in period – usually 12 weeks and check how much notice period is required to end the contract.
- Always check all the figures in your contract, the commission payable, VAT and any other figures.
- Do not be afraid to negotiate.