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What is a sales authority?

By

ali@alignedrealestate.com.au

Posted in On May 04, 2021

Once you choose an agent, you will be asked to sign an authority to sell, appointing that agent. This is a legally binding contract, which fully sets out the details of your agreement with the agent, including:

• whether the property is to be sold by private sale or auction (and the auction date)

• the negotiated commission and marketing expenses with GST set out separately

• the circumstances under which commission is payable; this will depend upon the type of authority signed, whether it is an ‘exclusive’ or ‘general’ authority

• the agent’s estimation of the likely selling price or selling range

• the authority period or amount of time given to the agency to sell the property.

The authority must include two statements:

• a rebate statement indicating whether or not the agent is to receive a rebate from advertising or other expenses

• a statement explaining that you can lodge a complaint with Consumer Affairs Victoria should a dispute over commission or outgoings arise.

Source: Consumer Affairs Victoria

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