What Is An Agency Agreement Nz

You must declare that your agency has an internal claims procedure and that the seller can complain to REA without first using your internal claim procedure. The agency agreement establishes whether it is a single agency or a general agency agreement, when it starts, when it ends and how it can be terminated. It is up to you and the Agency to agree on the duration of the agreement. You need to explain when the agency agreement expires and how the lender can cancel it. You can check here if your agency has agreed to use the standard REA agency contractual clauses. You can choose to list your property later with a new agency. If the first agency has already done work that helps sell the property (for example. B the introduction of a potential buyer who then buys it), you may still have to pay them a commission. Make sure you have inquired with your new agency about the risk of paying two commissions. While only one agent can register you, your contract is between you and the agent or agency they work for. Under the terms of the agency agreement, any agency agent can try to sell it once you have listed your property.

You can contact another agent`s client to explain what you can offer them when their current agency agreement ends. 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. Agency agreements and general agency agreements allow for different things. In some cases, disputes arose because the vendors did not know that a single agency, at the end of the agency`s period alone, was overflowing to become a general agency and remained responsible for commissions. In other cases, it is not known how long a seller had to wait after the end of the contract before the seller could sell to a buyer imported by the agent without being held responsible for the commission. Agency contracts usually contain a standard clause that states that the seller must pay a commission when the property is sold to someone who has been introduced by the broker, even if the property is sold after the end of the agency. In all honesty, no commission should be withdrawn from a broker who deals with Derite from a buyer if the seller sells to the buyer imported by the broker after the end of the agency contract.