When you decide to entrust the sale of your property to a professional, the parties must agree to and sign a contract.
This essential document describes your property and establishes the sale price and the fees you are liable for and that will eventually be payable to the professional. This agreement also establishes the contract termination conditions.
The agreement has a set duration.
There are two kinds of agreements:
Exclusivity agreements (generally for 3 months, renewable): the real estate agent is the only party authorised to commercialise your property during this period. This means that your agent’s motivation to close the sale as soon as possible is extremely high. In this kind of contract, potential buyers are required to sign a visiting sheet.
Non-exclusivity agreements: the real estate agency may sell your property, although you may also place the sale in the hands of other agencies, or even find a buyer yourself. There is less motivation involved in this method, and therefore it tends to be less efficient for the agencies competing to close the sale.