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What Do You Need To Know About Estate Agencies?
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What Do You Need to Know About Estate Agencies?

If you do not want to waste your time trying to find a buyer for your property, or looking for accommodation they would like to buy, you can apply one of the companies specialized in the real estate, known as real estate agency or just estate agency in the UK, which will be referred looking for you. It will ask you what do you need, and will search in their database or contact with other agencies. In many cases, the agency will put your offer in the news (and sometimes television) or ads they publish periodically.

Hiring an agency will not cost you a pound if there is no buying and selling, and if it does, the buyer will pay the price for the salesperson, that three percent to the name of agency commission.

If you are an estate agent, and publish an ad in the paper, you will often call agencies that will not offer specific customers, but only to "put you in their offer." Your job is to tell them "yes" or "no."

Some agencies charge prospective buyers for viewing properties, or going "on-ground.” This is wrong and practically reduces the chance that the seller sells his property, because deters many potential buyers. The only remedy is to stop cooperating with such agencies.

Responsibilities of the Agency

The Agency should inform the client of any situation that comes to buying and selling (i.e. if someone made an offer for your house if you are a seller, or that they were offered a flat kind of suit you if you are a buyer) and everything you know or should have known, that is important for your business.

The Agency has to mediate negotiations between the salesperson and the buyer only if they are commitment on that. If meditate for both parties, it must take into account the interests of both (that is, neither side should not leave out anything that might harm her).

However, the agency is not required to be particularly keen on success of negotiations, unless you as the client did not explicitly asked of that, and the estate agency was obliged to do that. In each case, the agency is not responsible if the conclusion of a contract of sale does not occur.

The rights and obligations of the customer

Almost any time you can tell the agency that you no longer want their services. In addition, you do not have to negotiate with the buyer or the seller, which found the agency, or you need to sell or buy a house just under the conditions that you told the agency.

However, if someone wants to sell the apartment to the buyer, who has found the agency, but to avoid paying agency fees, and therefore terminate the contract with the agency or avoid negotiations, agency can sue him/her. If it can prove that she is the reason for contract between parties, the court shall order fees to be paid.

Brokerage

Agency commission is generally paid when signing the preliminary contract, because it is certain that the agency (although there are more plans later) has successfully brokered the sale. If the real estate agency took place in the buying/selling process, she has a right to commission.

Most agencies in the normal commission of three percent includes the services of a lawyer (with whom she collaborates ) required for completion of preliminary and contract, but an agency specifically charged for legal services , and this must be made inquiry .

If the same agency engages buyers and sellers, it may collect from each side only a half of the commission, unless there is some other agreement between parties.

If the agency requires more than the usual fee, you have the right to refuse, and the court will stand on your side even if you sue the agency for that. However, if the sales contract is signed and you have paid a higher commission, later you will not be able to complain to anyone.

The Agency has no right to collect any additional expenses, unless otherwise expressly agreed, and then he has the right to charge a fee if the purchase and sale does not happen.

When an agency is not entitled to a commission?

In case of invalidity of the contract, the agent has the right to compensation if his cause of invalidity was not known.

Indemnification

According UK laws, Estate Agency in UK is responsible for the damage suffered by the purchaser or seller of real estate if it occurred because the agency knew or should have known that was instrumental for someone who cannot sell the property or to a customer who does not have the money, as well as for business incapacity. In general, the agency is responsible for any damage caused by its fault.

In addition, it is responsible for the damage that the seller or purchaser of property suffered because the agency without permission of a third party informed of the details of the contract and negotiations. Example , if another interested buyer go for the contract price, so he bid higher and so in front of the nose grab property to someone who has already arranged its purchase.


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