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Find an Estate Agent or Estate Agents in Essex Estate Agents based in Basildon, Chelmsford, Clacton, Colchester,
Epping, Halstead, Harlow, Harwich, Maldon, Ilford, Romford, Southend, Braintree and Brentwood. |
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Key terms
Estate agents:
arrange the sale of a property by bringing together buyers and sellers. They usually
act for sellers, not buyers -although this will not always be the case.
Estate agents advise on price, negotiate between sellers and buyers and handle advertising.
For these services they usually take a commission – often a percentage of the purchase
price and payable by the seller (if the seller is their client).
Sole agency:
the term refers to your appointed estate agent - the only agent with the right to
sell your property. You should be able to sell the property yourself without paying
the agent fee – provided that the buyer was not introduced to you by the agent during
the contract period.
Sole selling rights:
the estate agent that you have appointed is the only person with the right to sell
your property. The agent is entitled to his fee even if you sell the property yourself.
Multiple agency:
you can ask several agents toact for you. But only the one that sells the property
is entitled to a commission.Commission can be higher if you opt for a multiple agency
deal.
Ready willing and able purchaser:
under the contract, if the estate agent finds you a buyer who is prepared and able
to buy your property and to exchange unconditional contracts, you must pay the commission
– even if you decide not to sell.
Gazumping:
even after an offer has been accepted, the estate agent has a legal duty to pass
on any further offers unless the seller specifies otherwise. This can lead to gazumping
– where a new and higher offer is accepted by the seller before exchange of contracts.
Mortgage:
this is a long term loan, often secured on the value of the property. The Financial
Services Authority (FSA) can help you find the best deal.
Surveys:
a home buyer’s survey is a partial survey of the state of the property.A full structural
survey tells you if the property is sound or whether major repairs are needed.This
should be carried out by an independent surveyor.
Conveyancing:
the legal side of buying property. It’s normally done by a solicitor or licensed
conveyor, but some people take this on themselves.
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