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The
general method of Real Estate sales used by
nealry all estate agencies is under common law.
Most or all agents should have the CEA
qualification. Agencies could be sole
propriators, closed corporations, private
company, or trusts. Each agency should also have
a Trust account for the protection of clients
money such as deposits. No Estate Agency may
keep funds on behalf of clients in any account
other than a TRust account. The agency may
however use the Trust account of the transfering
attorney.........
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Private
Treaty is the method by which Real Estate
Agencies sells property. The contract is between
two parties and is commonly known as the Offer
to Purchase, usually made by the purchaser as
the term indicates. Once the Offer is accpted by
the seller, it becomes known as the deed of
sale. generally this deed of sale will have
suspensive conditions from the purchaser. Many
sales are lost due to this, just think of the
most basic suspensive condition, I have to sell
my house before buying yours...this could be
endless. Just the other day I was vissiting a
friend who is one of the top agents in our area,
unfortunately it was not his best day, as he
lost four sales from one fhone call, and this 3
months after the first deed of sale came into
effect. The last person at the end of the chain
could not get a bond...It was not good for my
friend, as this domino rally did not go in his
or any of his clients favour...
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The
offer to purchase will definitely have clauses,
under common law to the benefit of both the
Seller and Purcchaser. A good agent will find
the balance between the two parties, however the
agent if working under a Sole and Exclusive
Mandate should act in the interest of his
client, the seller. However if the agent is
working under a buyers mandate s/he would act in
the interest of the purchaser and the contract
could be to the purchasers benefit. Another
story, I was chatting to a very frustrated
seller the other day, the purchaser was given
3months to sell his property to place him in a
postion to aquire the former property. The
seller could not move as the ratification clause
was not in the contract, and guess what
happened, after three months the purchase failed
to sell his property, the seller was left
hanging by suspensive conditions in the buyers
favour, to my amazement I discovered that the
Estate Agency had a Sole and Exclusive Mandate
from the Seller Click for ...>> more |
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