I'm selling my house and the agent wants me to sign a sole selling rights contract, meaning I can't hire another agent at the same time.However, I've seen other homes in my area struggling to sell, and I need to move quickly if possible.I'm relocating for a new job, which I've already started, and currently have a long and expensive commute.Keeping the option to hire a second agent therefore seems like a good idea. Are these kind of exclusivity clauses common, and can I ask not to sign it? Just sign right there: The estate agent wants our reader to sign a sole selling rights contractEd Magnus of This is Money replies: When it comes to signing a contract with an estate agent - all those tedious terms and conditions - most will glaze over, flick through the paperwork and sign on the dotted line.'Sole selling rights' is one of the potential clauses that often lurk within these documents that could come back to bite you. Almost half of sellers said they were required to sign a sole agency or sole selling rights agreement, according to a recent survey by online estate agent Emoov.Agreeing to sole selling rights' will mean you will be liable to pay the agent their fee even if you personally end up finding someone to buy your home without their help. For example, a friend, colleague or neighbour.You could instead suggest they change the clause to a 'sole agency' contract. This will mean you only pay a fee when they introduce a buyer.Join the discussionShould estate agents have the right to demand exclusive contracts from desperate sellers?What's your view?Another option is to opt for a 'multiple agency' agreement, where you have a number of agents trying to sell your home. With these you will typically only have to pay a fee if the buyer is introduced to the property by each particular agent.However, because there is less chance of a sale for each estate agent, the fees are typically higher.A sole agency agreement - where you instruct just one estate agent - has typical fees of between 1.2 to 1.8 per cent of the selling price including VAT, according to HomeOwners Alliance.On a £300,000 sale that would equate to paying the agent between £3,600 and £5,400. However, on a multiple agency agreement - using two or more agents to sell your property – typical fees tend to be between 3 to 3.6 per cent including VAT.On a £300,000 sale, that would mean paying the agent between £9,000 and £10,800. More than three in home sellers said they felt restricted by being tied to one agent, according to Emoov's recent survey.However, you should also think carefully before bringing on multiple agents. A buyer seeing multiple adverts online may see it as a sign of desperation or that something is wrong with the property and be put off.For expert advice, we spoke to Paula Higgins chief executive and founder of HomeOwners Alliance and Amy Reynolds, head of sales at Richmond estate agency Antony Roberts.Are these types of exclusivity clauses common?Amy Reynolds replies: Sole agency is the default in the UK but there is a difference between sole-selling rights and sole agency. Sole agency means only one agent can market your property, but if you find yourself a buyer, such as a friend, you don't owe the agent a commission - although many agents will reduce their fee to handle the conveyancing for you. Sole-selling rights is stricter – the agent gets their fee regardless of who finds the buyer, even if you end up selling it yourself to a friend.You can choose to do multi agency from the start – it usually costs more. Or you can ask for a reduced sole agency period to be able to bring on a second agent sooner if you need to. Amy Reynolds, head of sales at Richmond estate agency Antony RobertsWhat would you advise them to do?Paula Higgins replies: In your case, I would be cautious about signing a sole selling rights contract, especially as you need to move quickly and want flexibility.You are absolutely entitled to ask the agent to remove or amend the clause. Estate agency contracts are commercial agreements, not something you simply have to accept as presented.Given your circumstances, I would focus on three things before signing.First, ask for sole agency rather than sole selling rights. This still gives the agent a fair chance to market your home, but avoids the harshest form of exclusivity.Second, keep any tie-in period short. Tie-ins can range from around four to 12 weeks, but if speed is critical, push for the shortest possible period with a clear end date and notice period. Otherwise, if the property does not sell, you may be stuck waiting before you can instruct another agent.Third, check what happens after the contract ends. Some contracts include continuing liability if the eventual buyer was introduced by the first agent. That can be reasonable, but it should be tightly defined and time-limited. Paula Higgins, chief executive and founder of HomeOwners AllianceIs a multi agency agreement a wise strategy? Amy Reynolds replies: There are positives and negatives with multi agency, and in some areas, it is more common than others. Where it isn't common it can be perceived negatively, with applicants thinking there is something wrong with the property - which invariably is not the case. Also, estate agents competing against each other, does tend to concentrate minds on the fee - and ensuring they get that fee, which may mean they are not as focussed on the seller - but I think sellers opt for multi agency because they want the competition so this is a risk sellers reconcile themselves with.Paula Higgins adds: Using more than one agent can sometimes help in a slow market, but multi-agency agreements usually come with higher commission rates. A sensible approach may be to appoint one strong local agent on a short, fair contract, with the option to switch or add another agent if interest is weak. Best mortgage rates and how to find them Mortgage rates have shot up again due to inflation triggered by the conflict with Iran reversing hopes that the Bank of England would cut rates. 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An estate agent wants me to give them 'sole selling rights'
I'm selling my house and the agent wants me to sign a sole selling rights contract, meaning I can't hire another agent at the same time.











