Last week we answered Diana`s question about why her house wasn`t sold, and because we said it might be because she was using the wrong agent, we thought we needed to tell you what had to do with a sole listing agreement, when and how to terminate it. The real estate agent you choose to sell your home will ask you to sign an agency contract. The cooling-off period gives you time to read the agreement, consider the terms you have agreed, including the agent`s fees, and get independent advice if you have any concerns. The agency contract becomes mandatory if the contracting entity (i.e. you signed as the owner [seller/seller] of the property or someone who is acting legally for you) and the agent signed it. There is then a one-business day cooling-off period during which you can terminate (or “revoke” the agreement). Saturday is included for reflection time, but not on public holidays. A residential property can only be put up for sale when a contract of sale has been drawn up. The contract must contain a copy of the title documents, drainage diagram and planning certificate issued by City Council (see 10.7).
Property exclusions must also be included and a statement of the buyer`s cooling rights must be attached. In some agreements, the termination of an individual agency contract means that it becomes a general agency contract. You must also cancel this cancellation if you do not wish to continue with the Agency. While the layout and content of agency contracts may vary between agencies, all agency contracts should contain the following.