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ANDREW S.
ANDREW S.
East Bowral, NSW
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We have an exclusive agency agreement in place and want to take our property off the market. The agreement runs out 1/12/17 - we may have a family member who wants to invest in this property - can we accept their investment when the property is off the market?

7 years ago

Responses

Hello Andrew,

You have assigned an agent to market and sell the property exclusively by the agent till 1/12/17.As such you cannot affect a sale privately unless.

A.You terminate the agency agreement by way of written notice to the agent that you are withdrawing the property from sale.

B.You wait for the expiry of the agency agreement and then withdraw the property from market.

However,it appears you are planning to continue to sell the property "off market" and not withdraw it from the market totally which simply put it is still a sales transaction but can be done privately by you without an agent.In saying that if the former selling agent did in fact introduce a buyer (which could be your family member) during their sales campaign they may be entitled to their fee if the sale eventuates and if the former agent discovers that such a sale has occurred.

Hope this information assists you in your situation.

7 years ago

Cheers John,

The property has only been on the market for 3 days. We have re-considered our position of selling over the weekend. We MAY in the future look at selling PART of the property to someone who expressed some interest some time ago when we indicated that we may be selling - we will still retain 50% +ownership of the property. As nobody has viewed the property no fee, should we decide to sell part would be due I imagine. We will happily reimburse the agent any costs incurred for their 3 day effort to date.

Regards
Andrew

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