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VeryMeanReversion

Ea Contracts

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A situation for you to advise on:

I am selling a house as executor. The contract was signed with the EA for them to market the property for 16 weeks as sole agency (not sole selling rights). As executor, I have a legal reponsibility to get the best value for the estate which involves maximising the sale value and minimising transaction costs.

The HIPs have not yet been ordered, the house is not yet on the market because a friend of a friend of a friend approached me about buying the house (desperate apparently - who am I to argue [if it's real]). It has never been "marketed".

The agent says I have a contract with them and if I sell privately, they will demand their fee.

So, I wondered if the private buyer wants to proceed, I can just not order the HIP, the EA can't legally market the property and I dont have to pay the fee. The contract will just expire in 16 weeks.

Even then, since they don''t have sole selling rights, can they justify a demand for a fee?

Anyone had to deal with this? I have always bought and sold without an EA.

VMR.

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I have some experience in this.

Check your contract. If it is sole, joint or multiple agency you don't have to pay them (and nor should you). Nor do you have to wait until the contract expires. If the contract gives the agent "sole selling rights" you have to pay them.

That is it really.

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Just to add: I left agency before HIPs were introduced so have little to no knowledge of them. But don't you need one even for a private sale?

Oh, and whatever you do - get a good solicitor. They are worth every penny, but you won't realise this unless you get a bad one. (They will also be able to advise on your EA contract).

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