Real Estate Agent requires a Deed to be signed in addition to the REIV contract

Hi,

We engaged a real estate agent to sell a property for us, then just before commencement of marketing, we are presented with a Deed to sign, which states 1. All marketing expenses to be paid up front 2. In the event that the marketing expenses are not paid, it gives them the right to put a caveat on our property.

This was not discussed nor disclosed when we signed the REIV contract weeks ago.

Is this standard practice?

 

Tell them to take a long walk off a short pier.

 

A REIV contract and / or marketing plan is required to indicate the fees and commission for selling or not selling and any marketing costs. Re-read it. Then consider taking your complaint to Vic Consumer Affairs or seek legal advice. You may need to consider termination of the agency contract to relist elsewhere to avoid two fees.

 

We would like to terminate their services but as you have stated do not want to incur double fee payment. Dont know what is involved in terminating a contract or how to go about it.

 

Why would you agree to that variation of your original contract? I would consider terminating the contract - depending on the terms.

 

I took an agent to the NSW tribunal and they ordered it terminated when they refused to agree to do so voluntarily and wanted me tied up for XX weeks. Grounds in my case was based on misleading representations. Hearing took minutes. Consumers dont need to evidence much but the agent does... A few months later they got done for trust fraud. Dodged a bullet and new agent sold for much more and super fast.

 

We have not agreed to any variation . The agent told us that it is company policy that this deed must be signed at the same time as the Contract but that it was an oversight on his part. We would not have proceeded with the contract if this had been disclosed.
Will look at the terms of the contract? What in particular should we be looking for? Thanks

 

They have agreed for us to terminate but have asked us to put it in writing. I am just not sure whether they can still pursue us for loss of commission??

 

Go see your solicitor ...

 

[QUOTE="Apprentice, post: 744696, member: 16627"
Is this standard practice?[/QUOTE]

No,not standard here in SA.If in agreement at the time of agreement with vendor and agent signing it may ask for a up front percentage to cover some costs, but not very often.

 

At this point have a real good read of the fine print, they are not going to just walk away here.

 

Just refuse to sign it. What if it was their policy that you must wear yellow shoes when signing? So what!

 

We have refused to sign it . The agent has refused to initiate marketing to sell the property. We are at a stale mate. Hence our suggestion to terminate the contract.

 

They are probably in breach of the contract by refusing to market it.

 

Terminate the contract v not enforce it?

Was there ever a contract?