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When you decide to sell your property under an OPEN AGENCY, the standard commission rate is of 5% + VAT, which is payable upon signing of the final deed. If your property is ultimately sold privately or by any other agent, we are not due any commission.
If on the other hand you decide to sell your property with us as your SOLE AGENT, the standard commission rate is of 3.5% + VAT, which is payable upon signing of the final deed. A sole agency is usually engaged for a stipulated period of time and you as the vendor cannot list this property with any other agents during this period of sole agency and nor can you try to sell the property directly. The commission is also payable if the property is sold by a third party, during this period.
Both the Open and Sole Agency agreements also include the following clause, which applies in cases where the buyer does not appear for the final deed and the Seller / Vendor retains the deposit paid upon the preliminary agreement :-
"Should the sale fall through after having signed a preliminary agreement of sale with a purchaser who has been introduced by your firm and the sale is terminated through no fault of my own, I agree to pay your firm ten percent of the sum representing the deposit or part payment in my favour, plus VAT at the appropriate rate, representing fees for services rendered."