Cancelling Sole Mandate Agreement
If you`re a homeowner looking to sell your property, you may have entered into a sole mandate agreement with a real estate agent. This agreement gives the agent exclusive rights to market and sell your property for a set period of time.
However, you may find that you`re unhappy with the services provided by your agent, or you may have received a better offer from another agent. In this case, you may decide to cancel your sole mandate agreement.
Here are some steps to take if you want to cancel your sole mandate agreement:
1. Review the terms of your agreement
Before you cancel your agreement, make sure you review the terms and conditions of your contract. You should have a clear understanding of the penalties or fees for breaking the contract early.
2. Inform your agent
Once you`ve decided to cancel your agreement, inform your agent in writing. Make sure you provide a clear explanation for your decision, and state the date on which you want the agreement to end.
3. Negotiate a release
Your agent may require a release fee to terminate the agreement early. It`s important to negotiate this fee, as it can be a significant amount. Sometimes agents may be willing to waive the fee if you agree to use their services in the future.
4. Market your property with a new agent
Once your sole mandate agreement has been cancelled, you`re free to market your property with a new agent. Make sure you choose an agent who has experience in selling properties like yours, and who has a proven track record of success.
5. Protect yourself legally
If you`re unsure of the legal implications of cancelling your sole mandate agreement, consider seeking legal advice before taking any action. This can help protect you from any potential lawsuits or legal issues that may arise.
In conclusion, cancelling a sole mandate agreement can be a complex and sensitive issue. However, taking the appropriate steps and seeking the right advice can help you navigate the process smoothly and effectively. Remember to stay informed and communicate clearly with your agent to make the process as stress-free as possible.
