Agents and Agency
Agreements Agency agreements are legally binding contracts. To
ensure consumers are informed about their rights and responsibilities under
each type of agency agreements, real estate agents must provide consumers with
a copy of the Office of Fair Trading fact sheet Agency agreements. The fact
sheet must be given to consumers before they sign an agreement with the
agent.for defining your ideal home!
Cooling-off Period The agency agreement becomes binding when the principal
(that is, you as the owner/s of the property, or someone who is legally acting
for you) and the agent have signed it. There is then a cooling-off period of one
business day during which you can cancel (or 'rescind') the agreement. Saturday
is included for the purposes of the cooling-off period, but public holidays are
not.
The Sale Process A residential property cannot be advertised for sale
until a Contract of Sale has been prepared. The contract must contain a copy of
the title documents, drainage diagram and the Zoning Certificate (s 149) issued
by the local council. Property exclusions must also be included and a statement
of the buyer’s cooling off rights must be attached. The draft contract must be
available for inspection at the agent’s office. It is important that you consult
your solicitor or conveyancer about preparing the contract to make sure that
everything is in order.
Selling at
Auction A key to successfully selling your home at auction is
choosing the right agent - one with a proven track record in auctions and a
sound knowledge of the geographical area in which you live. Before making your
choice, we suggest you talk to three agents