1. Estate agency comes under the Law of Contract and estate agency fees are generally dependent upon the agency agreement between the estate agency and the principal (client).
2. The first rule in so far as estate agency fees are concerned is that it depends upon the terms and conditions of the agreement between estate agency and the principal.
3. When there is no agency agreement, written of otherwise, between the estate agency and the principal then the fees are generally due upon the creation of a binding contract between the parties to the estate agency transaction. If the sale and purchase agreement is unconditional, the estate agency fee is due upon signing of the Sale & Purchase agreement. Where the Sale & Purchase is conditional, the estate agency fee is due when the last of the conditions are met ie. when the agreement becomes unconditional.
4. Notwithstanding the above, the estate agency and the principal may agree to vary from the general rule and agree to specific terms and conditions on payment of fees. Such an agreement must be in writing.
David Wong (E2097)
Mobile:
0193330573
Foreward Realty sdn Bhd - E(1)1909
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