When buying or selling a residential property in New South Wales, it is important to have a thorough understanding of consumer guide agency agreements. These agreements are legally binding contracts between the seller and the real estate agent, outlining the terms and conditions of the sale.
Here are some key things you need to know about consumer guide agency agreements:
1. Types of agreements
There are two main types of consumer guide agency agreements: exclusive and non-exclusive. An exclusive agreement means that the seller can only work with one agent during the sale process, while a non-exclusive agreement allows the seller to work with multiple agents.
2. Length of agreement
Consumer guide agency agreements can vary in length, depending on the agreement between the seller and the agent. Typically, agreements are valid for a period of 90 days, but this can be extended if both parties agree.
3. Commission fees
One of the most important aspects of consumer guide agency agreements is the commission fee. This fee is the percentage of the sale price that the agent will receive as payment for their services. The standard commission fee in NSW is around 2-3% of the sale price, but this can vary depending on the agreement.
4. Advertising and marketing
Consumer guide agency agreements also outline the advertising and marketing strategies that the agent will use to promote the property. This can include online listings, open homes, and print advertising. It is important to discuss these strategies with your agent to ensure they align with your expectations.
5. Termination of agreement
If you are unhappy with the services provided by your agent, you may want to terminate the agreement. However, it is important to note that there are conditions and penalties for doing so, depending on the terms of the agreement.
Overall, consumer guide agency agreements are important documents that can have a significant impact on the sale of your property. It is crucial to carefully review and understand these agreements before signing them, and to work with a reputable and trustworthy real estate agent to ensure a successful sale.
