Everything you need to know about real estate exclusivity

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Do you want to sell your apartment and an agency has offered you a real estate exclusivity? Real estate agencies frequently collaborate with homeowners in sales and charge a commission. The collaboration can be of various types and one of them is real estate exclusivity. We tell you what it consists of and what you should take into account before signing the agreement with the real estate agent.

What is real estate exclusivity?

Real estate exclusivity is a clause that is included in the mediation contracts of real estate agencies based on which the agency with which the contract is signed may exclusively market the home. Therefore, the owner will be able to sell his house on his account, but must always pay the fees to the real estate agent.

What advantages does it bring?

Some homeowners who want to sell are reluctant to sign a mediation contract that includes a real estate exclusivity clause. But it is necessary to know the advantages that this clause provides to assess the contract. The advantages of exclusivity are the following: – The real estate agency that you hire will make all its resources available to you to achieve the sale: home staging, professional photographs, advertisements on real estate portals, virtual visits, physical visits and negotiation of the sale. – The sale It will be done faster since the investment in resources made by the real estate agency will speed up the marketing process. – The buyer will be able to obtain the price and the < strong>profitability that you want for the home thanks to the advice of the real estate consultant and the resources that will be used. It is important to consider that when a real estate agency does not work exclusively, they may carry out the work and invest time and money and do not charge in cases in which the sale is closed with a client who has not presented said agency.

What content does a mediation contract with real estate exclusivity have?

Before signing an exclusive real estate mediation contract it is essential that you read the clauses carefully and be aware of the content it may contain, which is as follows:

Real estate exclusivity clause.

This clause is the most important of the contract. It assumes that the agency will be the only one that can market the property. Therefore, the commercialization cannot be given to another agency and cannot be carried out by the owner on his behalf. If this happens and the sale is closed, the real estate agency with which the exclusive contract has been signed will have the right to collect their fees. However, it is necessary that the contract expressly regulate that, if the owner sells the home directly or does so through another agency, the real estate agency will be entitled to collect fees.

Duration.

The duration of the exclusive mediation contract is also a very important element. In general, the duration of an exclusive is usually between three and six months. Although it depends on each case and the complexity of the sale. It is also quite common for a tacit extension of the contract to be regulated. Unless one of the parties notify the other of your wish not to extend the contract with a certain advance notice (one month, for example). The notification must be reliable. In other words, it must be a notification that records the receipt and content, for example, a burofax with acknowledgment of receipt and text certificate.

Customer recognition.

Another important aspect in a contract with a real estate exclusivity clause is customer recognition. The question is as follows: what happens if the sale is closed, once the exclusive mediation contract has ended, between the owner and a client presented by the agency during the term of the contract? In general, in the exclusive mediation contract it is usually regulated. So, this happens, the real estate agency will be entitled to collect fees if they are clients presented by the agency and recognized by the owner.

Collection of fees.

Regarding the fees, it is also important to verify how much the real estate agency charges and at what time. Regarding the amount of the commission, a percentage is usually established on the final price of the sale and it is essential to verify if VAT must be added. The way of charging can be different depending on the case: – In some cases, 100% of the commission can be charged at the time of signing the purchase contract. – In other cases, the payment of the commission can be agreed in two installments. The first, 50%, at the time the deposit contract is signed. The second, of the remaining 50%, at the time the sale is formalized. In these cases, it must be regulated what happens with the first part of the commission if the sale is not subsequently signed. The Supreme Court in ruling 263/2019 of May 10, established that the exclusivity clauses between individuals and real estate companies must be complied with as long as they have a clear and understandable contract wording, with simple terms. And a fair balance is established between the obligations of the parties. Therefore, it is essential that the exclusive contract is easily understood and does not have complicated wording.

What should you consider before signing a real estate exclusivity?

Before proceeding to sign an exclusive mediation contract, it is necessary that you assess various aspects such as the following: – The content of the contract, as we have seen in the previous section. – The urgency with which you need to sell the home. For example, if it is a house received in inheritance and you urgently need to sell it, it is advisable that you have the help of a real estate agency. – If the home has been on the market for a long time and you cannot sell it, with the help of experts in the residential real estate market you can speed up the process. – In the event that you have contacted several buyers before signing the exclusive mediation contract with the agency, you can exclude said buyers in the contract. In this way, if the sale is signed with any of them, the real estate agency will not charge fees. – Another aspect that you can negotiate with the agency is the duration of the exclusivity to adapt it to your needs.

In what cases can the agency claim their fees if you sign?

To answer this question, we insist: it is essential to verify what you have signed. However, in general, when there is a real estate exclusivity clause in a mediation contract, the agency that markets the apartment may claim the collection of its fees in the following cases: – If the house is sold through another agency. – If it is sold to a client presented by the agency during the term of the contract or after its termination. – If it is sold to a person or entity related to a client presented by the agency. – If it is sold to a person who has contacted the owner directly during the validity of the exclusivity. Therefore, real estate exclusivity can be an opportunity to sell a flat quickly and with all the resources of the real estate agency at the service of marketing.
Ana Vila

Ana Vila

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