Types of Estate Agents Contracts
There are 4 different types of contract which estate agents offer:
1. Sole agency - this is where the appointed agent is the only agent who can sell the property. If the agents finds a buyer the seller will pay the agent commission. However, if the seller finds the buyer, they will not have to pay the agent commission.
2. Multiple agency - this is where the seller appoints multiple agents. Only the agent who introduces the buyer will be entitled to commission.
3. Sole selling rights - this is where the appointed agent is the only person who can sell the property. If the seller find the buyer, they will still have to pay commission to the agent.
4. Ready, willing and able purchaser agreement - in this case the agent will be entitled to commission where they find a buyer who is prepared to buy the property and exchange unconditional contracts. So if the seller withdraws, commission will still have to be paid to the agent.