The registration certificate cannot enter into an agency agreement – to be legally binding, the contract must be signed by a Class 1 or 2 licensee. You can waive your right to a cooling-off period or waive it by signing a separate waiver form when the agreement is signed. An agent who failed to notify a copy of the agency agreement to his client within 48 hours can go to court to recover the entire commission or costs incurred. There are limited circumstances in which an agent can appeal, as described in Section 55A of the Act. If you are not satisfied with the services of an agent, it is important to terminate your contract with them correctly before registering with another agent. Otherwise, both agents can charge you a commission if the property is sold. The agency contract becomes mandatory when the contracting entity (i.e.: You as the owner/seller of the property or someone who acts legally for you) and the agent have signed it. There is then a one-day cooling-off period during which you can terminate (or “revoke”) the contract. Saturday is included for the purposes of the cooling-off period, but not on public holidays. Before you can market your property, the broker must sign a contract with you called an agency contract.
An agency contract is a legally binding contract and it is important that you read and understand it. If you are unsure of the terms of the contract, you should seek legal advice. The agency guide can be provided to the client up to one month before the client signs the contract (see section 56 of the law). However, the licensee who enters into the agency agreement must ensure that the inspection is carried out correctly and ensure that the contents of the inspection report are true and correct. An agent must prepare a written agency agreement for all services an agent is willing to provide to a client. If the contract for the sale of a home or farm property is to end, the client has a one-day cooling-off period, which is either a working day or a Saturday, after the signing of the contract (see section 59 of the law). The client may terminate the contract by written notification from a representative during the cooling-off period (see section 60 of the law). If a notice of retraction is notified during the cooling-off period, this is the case from the date the customer signed the notification. Neither the representative nor the client is required to pay commissions, damages, fees or fees related to the agency contract or its termination.