Ex­clu­sive agency as a method of sale

Whitsunday Times - - DO­MAIN -

THE Real Es­tate In­sti­tute of Queens­land (REIQ) rec­om­mends sell­ers use the ex­clu­sive agency method to sell res­i­den­tial prop­erty as it is the most ef­fec­tive.

The ex­clu­sive agency method is where the sale of the prop­erty is in the hands of only one party, as op­posed to an open list­ing, where the seller lists their prop­erty with a num­ber of real es­tate agents.

“An ex­clu­sive agency is ad­van­ta­geous to the seller as the ap­pointed agent will be ded­i­cated to sell­ing the prop­erty. This saves the seller the con­fu­sion of hav­ing to li­aise with more than one agent,” REIQ manag­ing direc­tor Dan Mol­loy said.

Fur­ther­more, this method will save the seller the time and money in­volved in ad­ver­tis­ing and mar­ket­ing costs when a num­ber of agents are try­ing to sell the prop­erty.

“Un­der the Prop­erty Agents and Mo­tor Deal­ers Act 2000 (PAMD), a seller can only appoint an agent un­der this ar­range­ment for up to 60 cal­en­dar days. Dur­ing those 60 days the seller may de­cide not to re­new the ap­point­ment if the prop­erty has not sold,” Mr Mol­loy said.

The seller can agree to make a fur­ther ap­point­ment of up to 60 days, but the re­newal can­not be made ear­lier than 14 days be­fore the term ex­pires.

Un­der any sell­ing ar­range­ment us­ing a real es­tate agent, the seller and agent must sign a PAMD Form 22a - Ap­point­ment of Real Es­tate Agent (Sales and Pur­chases) in or­der to legally set the terms of the sell­ing agree­ment.

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