The agency contract becomes mandatory when the contracting entity (i.e.: You as the owner/seller of the property or someone who acts legally for you) and the agent have signed it. There is then a one-day cooling-off period during which you can terminate (or “revoke”) the contract. Saturday is included for the purposes of the cooling-off period, but not on public holidays. The registration certificate cannot enter into an agency agreement – to be legally binding, the contract must be signed by a Class 1 or 2 licensee. The cooling-off period begins when the contract has been signed by or for each client and expires at 5 p.m. the next day, i.e. a business day or Saturday. Public holidays, public holidays and Sundays are not included in the cooling-off period. The agency agreement must indicate the estimated amounts or amounts of these commissions or discounted on these services. You can negotiate with the agent to find out if you need to pay the full amount. The cooling-off period begins when you sign the contract and ends at 17:00 on the business day or the following Saturday. For example, if you sign the agreement on a Friday, the cooling-off period will end on Saturday at 5 p.m. When you register on Saturday, the cooling-off period usually ends on Monday at 5:00 p.m., unless it is a public holiday, in which case it ends on Tuesday at 5 p.m.
For example, on Thursday morning, the agent will give you a copy of the unsigned contract and the card that you read and examine carefully. On Friday afternoon, you sign the agency contract and the waiver form. The agency agreement becomes immediately mandatory and the agent can be made in exchange for the sale of your home. The broker may ask you to pay for advertising, auction fees, cleaning, decoration or landscaping, if stipulated in the agreement. This does not prevent the certification of registered licensees from searching for clients for the Agency and contributing to the preparation of the agency agreement. At present, there are no other means in the regulations. In most cases, agents would personally provide a copy of the agreement to the client, electronically or by mail to the client`s postal address. Exclusive agency contracts are often used for the sale of residential real estate. In such an agreement, you give an agent exclusive rights to sell your property. This may give the broker the right to pay a commission if the property is sold during the fixed term of the contract, even if the property is sold by you or another agent.
The broker may also be entitled to a commission if the property is later sold to a person who trades with the original agent. The cooling-off period gives you time to read the agreement, consider the conditions you have agreed to, including the agent`s expenses, and get independent advice if you have any doubts. If you are not satisfied with the services of an agent, it is important to terminate your contract with them correctly before registering with another agent. Otherwise, both agents can charge you a commission if the property is sold. If you want to terminate the contract, you must report it in writing.