Institute of Estate Agents.
Category Property News
From time to time, there are property sellers who contact the Institute of Estate Agents with queries regarding the mandate they have signed with their estate agent. Sellers should take the time to read the mandate carefully and that the agent should sit with the seller to explain everything in that mandate. Annette Evans, regional general manager of the Institute’s Western Cape branch, says the questions, however, should preferably be asked before the mandate is signed and not after. Mandates, whether sole, dual or multiple agent mandates, are legal contracts between the sellers of the property and the agent involved. Once the document is signed, it is taken that the parties have read, understood and accepted all the conditions in that agreement and cannot be questioned later. She says changes to a mandate have to be in writing, and attached to the original mandate, so that if any dispute arises there is written proof of what agreements were reached. According to the Consumer Protection Act, mandates may be cancelled but this is dependent on many factors determined by the Act, which need to be ascertained prior to signature. Asked what sort of disputes arise, Evans says in some cases it could be the percentage of commission, whether another agent is allowed to market the home or what the agents will be doing to market the home, to name a few. She says sellers should take the time to read the mandate carefully and the agent should sit with the seller to explain everything in that mandate. The seller, in turn, should be asking questions regarding the mandate at this meeting and not after the contract is signed, she says. “A property is probably the largest asset you would ever own, and you would never hand over millions of rands as an investment to someone without asking what the terms of the agreement are, and the same applies to the selling of a home, ask beforehand about what you are agreeing to.”
Author: SAPOA
