Page 28 - Comparable Market Analysis

Your guide to selling a home

Get legal advice

You want to get a good price for your property. You also need to make sure you understand
your legal rights and obligations when selling your property. That’s why it’s important to get your
own legal advice before you sign anything.

We recommend you engage a lawyer to help you through the selling process. Choose a lawyer
before you set out to sell – selling can be a fast-moving process.

Agency agreements and sale and purchase agreements are legally binding documents. You
should consult your lawyer before signing them.

Find a property lawyer

• Get recommendations from friends, family or work colleagues.

• Contact the local branch of the New Zealand Law Society.

• Visit propertylawyers.org.nz.

TIP: The New Zealand Law Society has an excellent fact sheet about buying and
selling property.

Choose an agency agreement type

If you list your property with one agency, you’ll usually sign a sole agency agreement. If you
list your property with two or more agencies, you’ll usually sign a general agency agreement. If
you’re thinking about listing your property with more than one agency, it’s very important that
you read the agency agreements carefully. Make sure you understand when, how, and who
you’ll have to pay commission to when your house sells.

Sole agency agreement

This agreement gives one agency the exclusive right to market and sell your property.
Once you’ve signed a sole agency agreement, you shouldn’t sign another agency
agreement with anyone else. If you do, you may have to pay each of the agencies
a commission when your house sells.

General agency agreement

This agreement gives more than one agency the right to market your property. You’ll sign
a separate agency agreement with each agency, but you’ll only pay a commission to the
agency that introduces the buyer who eventually buys your property. Your lawyer can
advise you on this.

The following pages have been taken from the REAA Booklet ‘Your Guide to Selling a Home’ - for the full information please refer to their website - https://sellingahome.reaa.govt.nz/