Inconjunction Real Estate - Agency Agreements

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At some point you’ll settle on one or more agents to work with. At this time you’ll be asked to sign an Agency Agreement. The Agency Agreement sets out the terms of the contract between you and your agent(s). An agreement will include details such as: -

Name(s), address and contact details of the principal(s) – i.e. you, the vendor;

Address of the property that will be listed;

Inclusions for the contract of sale (i.e. what, in addition to the property will be included);

Any covenants, easements, defects, notices or orders that pertain to the contract of sale

Any special conditions that pertain to the contract of sale;

The price at which the property will be offered for sale;

The recommended method of sale (discussed below);

The Agent’s opinion as to the current estimated selling price;

Details of the vendors conveyancer or solicitor;

The Agency period;

The Agent’s remuneration (commission)

The terms under which the agent can conduct buyer inspections (Open homes, by appointment only, etc.)

Details of promotional activities that the agent will undertake, as well as the costs for these activities;

An agents disclosure of rebates, discounts or commissions that they’ll receive in relation to expenses incurred;

Acknowledgement made by the vendor that they have received a Consumers Guide, as well as understanding the terms of the contract;

Acknowledged explanation of the "cooling -off" period for the Agency Agreement (covered later).

The agent must conduct a visual inspection of the property and is required to complete a Sales Inspection Report.
Your agent should talk you through the Agency agreement, making sure that you fully understand it before signing. Some of the most important points that you should understand include: -

The type of agreement
Your agreement may be an “exclusive” agreement, an open agreement, or some other form of agreement - We’ll talk through the different forms of agreement in the next section.

Right to cooling off In NSW
You have a right to a "cooling-off" period to rescind the Agency Agreement. This runs until 5pm on the next business day. Any rescinsion should be received by the agent in writing prior to the expiry of the "cooling-off" period

Estimated Selling price
The estimated selling price is the agent’s opinion as to what the property will actually sell for (this may be represented in a range or just a single estimated price). This may often differ slightly from the marketed price of the property to allow for buyer negotiation.

Disclosures
Your agent is obliged to inform you of any rebates, discounts or commissions that they receive from other sources. Examples may include rebates for advertising large volumes. If discounts are received (i.e. from the publisher) then you should be advised of them.

Advertising Costs
There should be no ambiguity around the costs associated with marketing your property. You should be asked to approve a certain spend level, and you should be clear about where the expenses will be incurred.

Agent Fees
The agent’s fee should be quoted inclusive of GST. It’s usual to include the % commission as well as a dollar figure, assuming that the recommended sale price is achieved.

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