What should you consider before signing a contract?
Updated: Oct 5, 2020
The terms and full content of any contract should of course be carefully considered and studied before agreeing to sign. You can sometimes find yourself trapped in a lengthy sole agency period if the agent has not been totally transparent and open with all the detail. At Hancock's Estates we will always endeavour to ensure you understand the full detail with no pressure to sign if not ready.
You may wish to examine how long a sole agent exclusivity period lasts. A confident agent will not feel the need to engage with you for three or four months. This is a long period to be stuck with a company if you discover very quickly that they have not provided the sort of service you anticipated.
Be wary of the term “Ready, willing and able purchaser” It means you have to pay the agent for finding a buyer, even if you decide not to sell.
If your contract gives the agent “sole selling rights” then think carefully before signing. The estate agent in the contract is the only one allowed to sell your home during the period stipulated. You will have to pay that estate agent, even if you find your own buyer.
Above all, if you don't feel comfortable with the contract, your intuition is probably right! Don't feel pressured to sign and remember, if you sign a contract in the Estate Agent's office, you will have just waived your rights to the fourteen day cancellation period. (14 day cooling off period)