When it comes to nearing the time of completing on your sale, the all-important “exchange of contract” is a key focus. But, when it comes to selling your property, just how important is a contract with your chosen estate agent?

Yes, contracts are important! They set clear expectations, boundaries and offer peace of mind – or at least that is the theory. The real fact of the matter is that the contract is only worth anything when results towards your goals are achieved and there is a level of trust between You and the individuals involved.

And so, surely the contract should function as a safeguard, and not be the sole reason why your sale is in the hands of a nominal agent? More importantly, the flipside of that coin is that surely the agent is proactively selling your property, rather than relying on a contract entitling them to do so.

If you are currently on the market or about to launch, do you know what your contract states, or have you signed in confidence and under the belief that the contract is in place for YOUR benefit? If you do not, then “your mission if you choose to accept it” is… to prepare a beverage, take a seat and read your contract in full – take your time, it will not self-destruct, although sometimes your confidence in your agent might! Here are some key questions to find the answers to:

What services does the contract provide you?

What is the contract term?

What length is the notice period?

What are the total fees including VAT?

Who benefits the most from each clause: you and the sale of your property, or the estate agent?

The answers to these set out a foundation, while your relationship with your agent will set out the path in front of you. I have had many a conversation with sellers recently who were simply not aware of the terms they were agreeing to and now find themselves locked in for weeks if not months. It’s worth remembering that the lovely people at the Property Ombudsman have set a maximum contract length of 26 weeks. This is neither a happy, nor constructive position to be in. Ultimately, a healthy relationship with your agent is key and should exist outside of any paperwork or contractual obligation.

As ever, if you have questions about this subject and want to know how my services are provided, get in touch today.