Our estate agents have put loads of effort into our house, but now we've decided not to sell. We've still got a few weeks of their sole agency time left, but we haven't signed anything. Can they charge us for the work already done?
2007-08-20 23:43:37 · 15 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Check out the website given here as it may help you. Basically you will need to check what you agreed with the estate agent to see if fees are payable to the estate agent.
2007-08-20 23:49:15 · answer #1 · answered by Beanbag 5 · 0⤊ 0⤋
I would wait until the sole agency term ends... having just sold our house, I can tell you that there is often a clause whereby, if a genuine buyer appears and you back out at that point, you will be eligible to pay the estate agents fees just as if they had sold your house, ie, often 1% of the value of your house.
As there is no buyer present however, I would suspect that the penalty won't be so severe, particularly as you haven't signed anything... maybe just tell them how you feel right away? That would save you having to pay a high penalty if they do manage to find you a buyer before the sole agency time is up.
2007-08-20 23:55:59 · answer #2 · answered by Buzzard 7 · 0⤊ 0⤋
Most estate agents workk on "no sale no fee" so if you change your mind there's nothing to pay. To be sure check the agreement papers which they should have given you to sign when you first instructed them.
If you never signed anything they definitley can't charge you for anything
2007-08-20 23:53:07 · answer #3 · answered by Anonymous · 1⤊ 0⤋
I was not aware that they can charge you anything if your house does not sell in the time that they have advertised, that is there job and the risks they take. If after the time period is up and you take the house of the market there is not a lot they can do, unless you then sell privately as they would claim they advertised the house etc etc etc. Speak to them see where you stand.
2007-08-20 23:48:48 · answer #4 · answered by Anonymous · 0⤊ 0⤋
No, they get a percentage of the sale price and nothing else. Don't feel any guilt about taking you rhouse off the market either, estate agents are a bunch of s**s anyway.
2007-08-21 00:26:15 · answer #5 · answered by ben 4 · 0⤊ 0⤋
No there's nothing to pay unless you have signed agreeing to pay them in this circumstance. If not then you have only a verbal contract with them, which would be costly and difficult for them to enforce in law. Generally they only get paid in the event of a successful sale, and sales fall through for all kinds of reasons. I know I never paid anything when the sale of my flat fell through (I pulled out) and they had that on the market for three months. Might be fairer to tell them sooner rather than later though.
2007-08-20 23:47:41 · answer #6 · answered by Anonymous · 1⤊ 0⤋
You should have had something like a sole agency agreement which laid out the charges.
They can charge for such things as newspaper adverts, photos and preparing the brochure if you had a special one done.
2007-08-20 23:49:26 · answer #7 · answered by Knownow't 7 · 0⤊ 0⤋
It depends on the contract you signed when you gave them sole agency. Have a good look at it. If you didn't sign a contract then they cannot charge you.
2007-08-20 23:48:11 · answer #8 · answered by witchnanny 4 · 0⤊ 0⤋
They usually stipulate a fee if you choose to change your mind and not sell. Check your agency agreement if you have one. I'm sure they wouldn't take your property on their books without something having been put in place.
2007-08-21 03:21:38 · answer #9 · answered by Anonymous · 0⤊ 0⤋
There must be some papers on which you and your agent agreed to proceed with the sale. Check it, i think there must be a cancellation fee or charge
2007-08-20 23:47:09 · answer #10 · answered by cr ! 5h 4 · 0⤊ 0⤋