Reiq Exclusive Agency Agreement

11. April 2021

The REIQ recommends that sellers use the agency`s proprietary method for the sale of residential real estate. In this method, the sale of the property is in the hands of a single agent and not in an open list where the seller lists his property with a number of agents. The auction is also an exclusive agency agreement and is therefore subject to the 60-day schedule agreement period. The auction process requires the seller to pay the agent to organize effective marketing and advertising plans to maximize the exposure of the property and the auction date to potential buyers. Under the auction system, the seller agrees to pay the advertiser a commission if the property is sold before the auction date, at the auction or in an agreed period after the auction. Agents argue that the advantages of a single or exclusive agency are that the seller is dealing with only one agent, that there is only one key to edit, and that there is a conscientious promotion of ownership by the agent. On the other hand, owners should be aware that the effect of these agencies is that the owner is stuck in the agreement for a specified period. If the broker`s promotion is not satisfactory to the property, the owner is not able to appoint other agents without violating the contract. Agency B has also signed a PAMD 22a form and is actually entering into a land contract with the same buyer who inspected the property with Agency A. Most sellers would not know which agency showed the buyer through the property, let alone if 2 agencies showed the same buyer through the property. The same goes for the seller, who knows which agency was a member of the R.E.I.Q. or not.

For the sale of dwellings (where this is the only property sold), the duration of a single agency is negotiable for up to 90 days. The appointment may provide that at the end of the single agency`s term, the appointment of the representative will continue on an open list that may be terminated at any time by the agent or owner. An exclusive agency is the best and most advantageous for the seller, since the named agent is dedicated to the sale of your property. And it also saves the seller the confusion of having to get in touch with more than one agency at the same time. An open offer is a written agreement between the owner and the seller under which the owner names the seller in accordance with the terms of the agreement to sell the property.