New Multiple Agency T&Cs for Estate Agents
New Multiple Agency Terms and Conditions for Estate Agents
In response to feedback from customers in the Residential Estate Agency sector, we have added new Terms and Conditions and an Appointment Form used in Multiple Agency scenarios. These new templates can be used by Residential Property Sales Agencies when they are instructed to market a property on a multi-agency basis.
In a multiple agency situation, the Seller appoints two or more Agents to market a property. Only the agent who introduces the eventual buyer will receive commission. A multi-agency appointment is therefore a risky proposition for an Agent as they may carry out a lot of work and ultimately receive no payment.
However, the commission for multi-agency sales is usually significantly higher than the commission charged for sole or joint sole agency work, and the opportunity to earn a higher fee can persuade Agents to take the risk.
The new Terms and Conditions and Appointment Form are in a similar format to our templates for Sole Agency, Sole Selling Rights and Joint Sole Agency arrangements.
The obligations of the Seller and the Agent are clearly set out and the Agent is required to comply with relevant legislation. Specific provisions are included relating to Energy Performance Certificates and membership of a Redress Scheme.
The contents of this Newsletter are for reference purposes only and do not constitute legal advice. Independent legal advice should be sought in relation to any specific legal matter.