The cooling-off period begins when you sign the contract and ends at 17:00 on the business day or the following Saturday. For example, if you sign the agreement on a Friday, the cooling-off period will end on Saturday at 5 p.m. When you register on Saturday, the cooling-off period usually ends on Monday at 5:00 p.m., unless it is a public holiday, in which case it ends on Tuesday at 5 p.m. The cooling-off period gives you time to read the agreement, consider the conditions you have agreed to, including the agent`s expenses, and get independent advice if you have any doubts. It is effectively an exclusive agency agreement in which the property is auctioned. You have the right to negotiate the terms of the contract and to demand changes authorized by law. Changes to the agreement must be signed by all parties, unless the agent reviews the estimated sale price of your property. The agent cannot charge you any fees or fees related to an agreement that has been duly revoked. All the money you have already paid to the agent must be refunded to you. You can waive your right to a cooling-off period or waive it by signing a separate waiver form when the agreement is signed.
The cooling-off period can only be cancelled if the agent has provided you with the following documents at least one business day before signing the agency contract: You can negotiate with the agent the amount of commissions, fees or other expenses that you may have to pay. Before signing an agreement, it`s a good idea to talk to a few agents to compare prices. Ask each agent to have a printed list of their fees and the commissions and fees they charge. If you want to terminate the contract, you must report it in writing. Check your consent to see how much notification you need to give. The agency agreement can be concluded either for an indeterminate period or for a fixed term („fixed term“). The agency agreement must indicate the estimated amounts or amounts of these commissions or discounted on these services. You can negotiate with the agent to find out if you need to pay the full amount. If you decide to terminate (or revoke) the agreement during the cooling-off period, you must send a „notice of resignation“ to the agent. 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. A single agency agreement looks like an exclusive agency agreement. You give a broker the rights to sell the property, but you can find a buyer yourself. If you find a buyer who has not been introduced by the agent, there is no commission to pay to the agent. For example, on Thursday morning, the agent will give you a copy of the unsigned contract and the card that you read and examine carefully. On Friday afternoon, you sign the agency contract and the waiver form.