What types of agency agreements are there?
There are several types of agency agreements and they all set out the terms of the agreement between yourself (the Vendor) and the agent. The Department of Fair Trading within your state has up to date definitions of each agency and explanations of each. All agencies will boil down to either exclusive, open or auction and in any case an Auction agreement implies an exclusive agreement (could also be joint exclusive ) Exclusive Agreements mean that you can still sell your own home but if you do you will do so under pain of commission…in other words the agent will still have cause to still claim his commission. An exclusive agency gives selling rights to one agent for a period of time (often 3 months ) A Joint Exclusive Agreement is similar but the selling rights are granted to several agencies with a written agreement to either share commissions, or on a winner take all basis, between the chosen agencies. Joint exclusive agencies are most commonly between a buyer and two real estate a
