Prior to listing your property for sale with an agent ensure the fine print is reviewed. Conveyancing is an exciting time, but don’t get caught out by a purchaser that doesn’t complete a contract.
Real Estate agents are heavily regulated and the vast majority are honourable and professional operators. Many agency agreements, do however, have a clause in them that requires a vendor to pay a commission even when a purchase falls through. Thankfully, in our experience most purchasers do complete the conveyance in accordance with the terms of the contract and the conveyancing process proceeds in an efficient and effective manner.
ClickLaw suggests the following tips:
WARNING: The term immediately above provides that a commission is payable under this agreement even if the sale of the property is not completed.