Completing Agency Agreements
by SPACE Marketing
When it comes to Real Estate contracts or agreements, it’s paramount to cross your t’s and dot your i’s!
SPACE Property has compiled a list of tips to ensure your Contracts or Agreements are professional and compliant.
1. COMPLETE SECTIONS IN FULL
It is good practise to ensure that you don’t leave any fields in the agency agreement blank. Encourage your sellers, buyers and/or tenants to provide as much details as possible to encourage a smooth transition between all parties and/or third parties (e.g. solicitors, property managers etc).
2. AMENDING TERMS
Many of the terms in the agency agreement are prescribed by law. By making amendments or deleting terms, you may inadvertently cause a defect in the entire agreement, so always seek expert advice from your solicitor and/or financial adviser before doing so.
3. FULL NAMES
It’s not sufficient to simply enter “Mr and Mrs X”. Check your birth certificate and/or drivers license and include full name on any agreement and/or contract. Furthermore, all parties on the certificate of title must be included on the agency agreement.
4. INITIAL EVERY PAGE AND ANY CHANGES
As a rule of thumb we suggest all parties to initial ALL pages (including any additional documentation). Also should you require to make a slight amendment, ensure you and all other parties initial beside each amendment.
5. ALL PARTIES TO SIGN AT THE SAME TIME
Whilst this may not be possible with some owners/landlords being interstate, but in a situation where there are multiple owners we encourage that they sign the agreement/contract at the same time. This avoids double handling, confusion, and signature/initials being missed.
6. PROPERTY INFORMATION
Ensure all details of the property are accurately entered on the agreement/contract.
7. TERMS AND CONDITIONS
This is particularly important where clauses are included in the agreement. Set time aside to thoroughly go through each term, clause and conditions highlighted in the contract. We will sit down with all parties and explain the Terms and Conditions but always suggest to seek further legal advice to ensure you are confident and to avoid ambiguity.
8. MAKE DUE DATES AND/OR TIMES CLEAR
Don’t enter statements such as “this clause expires 30 days”, because it is uncertain of the start time so therefore the end time is open to misinterpretation.
9. ITEMISE MARKETING/ADVERTISING
Ensure the money allocated to marketing/advertising is itemised on an agreement. So you can visualise each item, how much it will cost and when it is due/payable.
10. OBTAIN A COPY OF THE AGREEMENT
Once the agreement is signed in full (with all parties signatures/initials), make sure your agency provides you a copy within 48 hours. This can be provided to you via email.
Always thoroughly read through your agreement before you sign.
We are happy to answer any questions and run you through any agreement from start to finish.
