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What does it mean to appoint an agent under sole agency and exclusive agency? |
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Real Estate Self Help -
Marketing Your Property - Typical agency engagements
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What does it mean to appoint an agent under sole agency and exclusive agency?
In both cases, it means that you have appointed only one agent to sell your property. Only he/she can act for you; no other agent can do so. However, if you (the owner) manage to find your own buyer, you do not need to pay any commission to the agent under the sole agency terms. Whereas in the exclusive agency, you will have to pay the agent his commission even if you sell the property yourself. However, you will need to reimburse the agent for marketing expenses under the sole agency arrangement.
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