Simon’s Town Real Estate News

Simon’s Town Home Owner Are You Trapped in Sole Mandate?

August 23, 2007 – 10:26 am | by Johan

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Simon’s Town Home Owners and Your Sole Mandate Rights

Most Simon’s Town home owners aren’t aware of their rights when it comes to a sole mandate.

Let’s consider a few pointers from the estate agent’s ethical code regarding their responsibilities when you as a home owner agree to a sole mandate:

1. The real estate agency as well as all the real agents must have a valid fidelity certificate. If this is not the case commissions cannot be claimed. In all cases ask to see fidelity certificates.
2. No agent may over promise the listing inset price of a home in order to negotiate a sole mandate. (See ethical code 3.8) I recommend you get your agent to provide you with historical proof of similar priced homes sold in your area before suggesting a price. They can also give you the value per square meter for houses sold in your area. (Please not estate agents are not certified valuators. Unless they are qualified valuators they may not valuate your home or advertise they can do it for you).
3. A sole mandate is only legal with a signed contract with instructions clearly indicated. A handshake or an oral sole mandate does not exist.
4. The ethical code is not adhered to when the sole mandate allows for an unreasonable time frame (see 2.2 of the ethical code).
5. The cancellation date of the mandate is indicated as a calendar date, if not, the sole mandate agreement is invalid. For example 31 January 2008 and not 30 days from the day of this agreement .
6. No option is allowed to extend the sole mandate or open mandate after it comes to its agreed end. The agent can then negotiate a new mandate. Even if the option is currently part of the agreement.
7. All though a real estate agent is not legally obliged to market your property the ethical code prescribes it. I advice you to agree in writing what marketing you expect from your sole mandate agent. If they do not comply you can cancel the agreement. You can have a look at our sole mandate agreement to get an idea. We provide you with a guarantee of service.
8. An estate agent may not agree to a sole mandate if his obligations clash with a mandate from an existing client until he/she has indicated the fact in writing to the existing client.
9. No real estate agent may agree to a mandate if the agent is not skilled or informed to fulfill it and not assisted by a skilled person.
10. An an agent may not agree to a sole mandate if the agent did not explain in writing the implications if you sell your home during or after the sole mandate period.

If you need any advice on your a current sole mandate let me know and I will refer it to an expert for you free of charge.

May you have a great day.

Johan Horak
P.S. A sole mandate is a great way to ensure that you get the Simon’s Town House Marketing you deserve and it creates competition between buyers as long as real estate agents don’t abuse it.

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Tags: Before You Sell, Legal, Real Estate Agent

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Tags: Before You Sell, Legal, Real Estate Agent