For an exclusive offer, the seller and the intermediary must agree on conditions. These details include setting a timetable for the entry into force of the agreement. This can be a period of six months, or even shorter, if the demand in the market is high. There must also be an agreement on the amount of commission that the agent can earn on a sale. After the conclusion or termination of this real estate agency contract, the agent will return all of the following real estate as well as any additional real estate received from the seller for the property. Reading and negotiating the terms of your buyer`s agency contract is key, but if you want someone to best represent your interests and be serious about buying with the help of the agent, you should file and sign your bar. As long as such an agreement exists, sellers are not allowed to use the services of another agent. However, this type of agreement usually has an end date after which you can choose to switch agents. In Singapore, you can sign an exclusive real estate contract with a real estate agent to sell your property. The exclusive agreement is signed if “a real estate agent is authorized or mandated exclusively by a potential seller to present a buyer of real estate in Singapore”.
All legal products arising from this real estate agency contract are performed under the aforementioned jurisdiction. An exclusive listing agreement (also known as an exclusive sales right agreement) gives a real estate agent exclusive sales rights for a certain period of time. Your elected real estate agent will act on your behalf to sell the property at the best possible price. It is important to understand that any agreement you enter into and sign is usually with the broker and not with the agent (although some contracts may be with a particular agent within a broker). You can often go to the broker and ask for a replacement agent if you are not satisfied with the person you chose first. An exclusive listing agreement may contain a list of exempt parties who can purchase the property without the agent earning a commission….