The list of agencies that use standard clauses in their brokerage contracts is available here in the list of real estate agencies. How do you terminate a brokerage contract? The standard time limit for a single representation contract in New Zealand is 90 days. If the agent who is a party to the contract sells your property before the agency expires, he is entitled to a commission, as stipulated in the agency contract. While the layout and content of agency contracts may vary between agencies, all agency contracts should contain the following. You must declare that your agency has an internal complaints procedure for handling complaints and that the supplier can file a complaint with REA without first using your internal complaint procedure. A general agency contract means that you can sell your property to multiple real estate agencies (you can change your mind within one business day of receiving a signed copy). If you have an individual representation contract, you may not be able to terminate the contract prematurely, unless the Agency agrees to do so, but you can withdraw your property from the market until the agency contract expires. If the single representation contract lasts more than 90 days, you or the Agency may terminate the contract at any time after 90 days. While real estate agents are not required to terminate a brokerage contract before the initial intermediation period expires, many brokers accept a cancellation request. Ultimately, agents have an interest in maintaining relationships and professional reputation. A disgruntled supplier can make a lot of unwanted noise. If you are not satisfied for any reason, request a cancellation and also request the cessation of all marketing activities.
It will be as unpleasant as trying to terminate gym membership or trying to unsubscribe from a newspaper. The agent will likely say that he has established promising buyers for an inspection or that he is in the process of making an offer. If this is true, give the agent until 5 p.m. on the next business day to present you with something and indicate that if they are unable to do so, you still want to terminate the contract. If the agent accepts a cancellation at this point, note that the agent may still be entitled to a commission if you sell your property to someone the agent has introduced to you in some way. If you decide to terminate the agency contract, first seek advice from your lawyer. . .