An estate agency sole agency agreement is a contract formalised with an estate agency under which the owner of the property (the seller) grants that agency the exclusive right to market and sell the property for a fixed period of time.
In addition to the exclusivity arrangement, the sole agency agreement also sets out the property price, the agency’s fees and the term of the exclusivity, since open-ended terms are not admissible. Likewise, the agency undertakes to actively market the property or properties on an exclusive basis in order to secure a sale as quickly as possible. This agreement is signed by all the parties involved in the sales process: the notary, the seller and the buyer.
What are the advantages for the seller of signing an estate agency sole agency agreement?
When an estate agency enters into a sole agency agreement with a seller, it undertakes to commit all its available resources to selling the property as quickly as possible. It is therefore a very good option for shortening the time needed to sell a property.
The agency also helps the seller set the asking price for the property on the basis of market analysis and marketing strategies, thereby increasing the chances of achieving a sale in the short term. In addition, the estate agency handles the pre-sale contracts, liaises with the notary, obtains the certificate of habitability and manages all the formalities involved in selling a home. This allows the seller to step back from the sales process until it has been completed and their signature or presence is required.