Every estate agent is different, meaning you could be offered a variety of contracts. These are legally binding so it’s important to consider several things before you sign on the dotted line.
Types of agreements you’ll come across:
- Sole Agency: Sole agency means just one agent has the exclusive right to sell your property for a set period of time. If it is sold by another agent in this time you will still have to pay the sole agent their fee, as well as the agent who actually sold it. In general, sole agency fees can range between 1% and 2% of the sale price. A tie-in period is usually up to eight weeks.
- Multi Agency: A multi-agency arrangement means several agents will market your property. The successful agency is paid the fee upon sale of the house. This fee will be in the region of 1.5% to 2.5% of the sale price.