Page 42 - Introducing B&W Real Estate Taupo
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What’s in an agency
agreement
While the layout and content of agency agreements can vary
between agencies, it should include the following things.
Details about the property for sale Who has the authority to sell
• The address of your property. the property?
• The chattels to be sold with your property If you’re not the sole owner of the property,
(for example, whiteware or curtains). either:
• Details about your property (for example, • all owners must sign the agency agreement, or
number of bedrooms and bathrooms, • you must show you have the authority to
land area).
sign for all the other owners (you will need to
You must make sure that any details you give provide the agent with written confirmation,
the agent are accurate. If you don’t, you may such as power of attorney, resolution of
leave yourself open to legal action from trustees, company minutes or a court
a buyer. document).
Details about the parties to Confirmation that you’ve been
the agreement given a copy of this guide
• Your name, address and other contact details. Your agent is legally obliged to give you a
• Your lawyer’s name and contact details. copy of this guide before you sign an agency
• The name of the agent mainly responsible agreement. They also have to get your written
for marketing and selling your property. confirmation that you’ve received it.
• The agency’s name and address. Details of what you authorise
the agency to do
The agency agreement appoints your chosen
The agent must give you a copy of agency and sets out what you authorise them
the agency agreement. to do. For example:
• advertise your property for sale at the price,
in the way and on the conditions you’ve
agreed to
It is important to tell the agent • arrange inspection of your property by
everything you know about the prospective buyers
property. An agent is required • receive a deposit on your behalf
to disclose known defects of a • take their commission from the deposit.
property to a potential buyer,
and you may not instruct The type of agency agreement
an agent to withhold this and how long it lasts
information. An agent The agency agreement will state whether it’s
may cancel an agency a sole agency or general agency agreement,
agreement if you when it starts, when it ends and how to
instruct them not end it. It is up to you and the agency to agree
to disclose how long the agreement will last.
known defects.
