Check Those Agents' Contracts Carefully
Lots of estate agents are now busy telling people they will do a HIP for you for free. However, as Elaine Moore points out in last Saturday’s ever informative FT, there is a big catch.
She says, “If you are selling a house where the estate agent provides you with a Hip, it belongs to them - not to you.” So, if you later to to sell it with another agent, or take it off the market competely you’ll probably be hit with a pulling out fee.
As I have said before, you need to carefully check all clauses in any contract you sign with agents – be they letting agents or estate agents.
If I had a pound for every landlord who suddenly finds to his surprise that 6 months down the line his letting agent wants a fee because the tenant has renewed, I would be a richer man. (If the original tenancy contract is just renewed, there should be little if anything for the agent to do – and certainly nothing that justifies a 5% or higher fee.)
Back to main site; www.lettingfocus.com
The link to the full text of the FT’s article is here: http://www.ft.com/cms/s/55ae3f74-fa2f-11db-8bd0-000b5df10621.html
Copyright: David Lawrenson 2007.
She says, “If you are selling a house where the estate agent provides you with a Hip, it belongs to them - not to you.” So, if you later to to sell it with another agent, or take it off the market competely you’ll probably be hit with a pulling out fee.
As I have said before, you need to carefully check all clauses in any contract you sign with agents – be they letting agents or estate agents.
If I had a pound for every landlord who suddenly finds to his surprise that 6 months down the line his letting agent wants a fee because the tenant has renewed, I would be a richer man. (If the original tenancy contract is just renewed, there should be little if anything for the agent to do – and certainly nothing that justifies a 5% or higher fee.)
Back to main site; www.lettingfocus.com
The link to the full text of the FT’s article is here: http://www.ft.com/cms/s/55ae3f74-fa2f-11db-8bd0-000b5df10621.html
Copyright: David Lawrenson 2007.
This entry was posted by lettingfocus, on
Tuesday, May 08, 2007.
