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TYPE OF AGENCY APPOINTMENT
TYPE OF AGENCY APPOINTMENT
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- Exclusive Agency
- This refers to the instructions from a client to a single firm to act on his behalf. The client may make instructions and will leave the closing of the transaction to the firm. The client must pay the appointed estate agency firm the agreed fee even if the firm was not the effective cause of the transaction.
- Sole Agency
- In a Sole Agency appointment, a single estate agency firm is engaged. The client may however, wish to reserve the right to market and conclude the deal himself without the services of other estate agency firms. In this instance, the client and the appointed sole agent shall agree on the fee based on a pre-agreed formula.
- Joint Agency
- This is where more than one estate agent is appointed and only the estate agent who closed the deal gets paid. The number of agents appointed is limited and each is aware of the appointment of the others.
- Ad hoc Basis or commonly Referred to as “Open Listing”
- The client may engage an unlimited number of firms on an ad hoc basis and fees are paid only upon successful conclusion of the estate agency transaction.
