The circumstances presented to me and explained to me by both parties allowed me to conclude that the sellers were not misled without knowing it and that the agent had acted in accordance with the agency agreement and the TPO code of conduct to warn against the risk of double fees. I did not support the complaint and therefore did not direct the reimbursement of half of the agent`s commission fees, as requested by the sellers. If an agency contract is terminated and the property is not sold, the broker must provide the seller with a written statement explaining the circumstances under which there may be ongoing liability for the payment of a commission. Imagine being with Agent A, with only one agency contract. You were not satisfied with their service, so the deal ended, served your 2 week announcement and were out. You connect to another real estate agent – Agent B – and three months later, the sale of your property is underway. You pay Agent B the commission you owe them for the sale of your home just to be approached by Agent A and ask for a percentage because they argue that the buyer was initially “introduced” by them. This can happen months or even years after the initial contract is released. They are required to pay us compensation in addition to other agreed costs or costs if unconditional contracts for the sale of the property are exchanged at any time: – with a buyer that we have set up during the period of our single agency or with whom we have negotiated the property during that period; or – with a buyer who was introduced by another representative during this period. In the case of an agency agreement based on exclusive distribution rights, this form of warning should be included.
This agreement may be aimed at sellers, especially when the real estate market is flat or when the prospects for selling a particular property are below normal. By using more than one agent, it is likely that more potential buyers will pay attention to the property. This version of the appointment form should be used if the Agency has “exclusive sales rights.” In essence, this means that the agent is entitled to a commission even if the seller finds a buyer himself during the agency`s time.