This is a common misconception in the property market. No you can work through a single property agent of your choice, whether that agent has the property listed or not, even if the property you choose is on sole or exclusive mandate with another agent. You may choose an agent to represent you as buyer and that appointed agent will negotiate with any other agency on any property that is currently on the market without incurring any costs, granted you haven’t made contact with the other agent directly on that specific property. You can send any property on the market to your appointed realtor and rest assured that the contact and arrangements will be taken care of by him/her.
No. The commission for services delivered is negotiated by the seller and agent and agreed upon prior to the property going to market and thus will have no cost to the buyer.
A sole / exclusive mandate is a contract between the seller and the appointed agent and serves as a commitment by the agent that he/she will sell the property in the agreed timeframe at a price that the agent deems as a reasonable market price by thorough research and market knowledge. If any of the services agreed upon in this contract are not strictly adhered to, the seller or the agent may cancel the agreement at any time with written notice and motivation.
A dual mandate is similar to a sole / exclusive mandate, and is a contract between the seller and the appointed agencies and serves as a commitment by the agent that they will sell the property in the agreed timeframe at a price that the combined effort of the agents concluded as a reasonable selling price. The difference between a dual mandate and a sole / exclusive mandate is that on a dual mandate you have multiple agents (preferably less than 3) that need to keep contact with you but less than open mandates and your property enjoys additional services to those offered on open mandates and higher prioritisation.
A sole / exclusive mandate is a contract between the seller and the appointed agent and serves as a commitment by the agent that he/she will sell the property in the agreed timeframe at a price that the agent deems as a reasonable market price by thorough research and market knowledge. As a result, the property is priced correctly, the agent is held responsible to sell the property in the given timeframe and the deserved attention and marketing budget is allocated to your property and your property enjoys the exclusivity it requires. An array of additional services are available on a sole / exclusive mandate and you as the seller enjoys peace of mind that your property is safely marketed to qualified buyers without an abundance of agents constantly bugging you for access and unqualified clients gaining access to your property and posing potential security risks. Most agents have a large amount of properties on their marketing portfolio and a degree of prioritisation is required to offer the best possible service. A sole / exclusive mandate enjoys the highest priority, thereafter dual mandates, and only then open mandates. The reason for this is managing a calculated risk, spending time and money on a open mandate does not offer a favourable risk profile as any other agent is able to sell the property the property and your investment of time and budget as agent does not offer a guaranteed return.
With sole / exclusive mandates you hold a single agent, with whom you build a personal relationship, responsible for the sale of your property, a single point of contact.
No it is not a requirement, it is always beneficial to have a pre-qualification when you initiate your house search, but AB Properties offer completely free Bond Origination services from an industry veteran that will be able to issue you with a pre-qualification independent of any bank. As soon as you as the client speak directly to your bank the bond originator can not assist you with an application with said bank anymore, and thus can’t negotiate between all the available banking channels for the best possible rates and terms for the property on which you make an offer.
According to our common law, it is standard practice that the seller nominates the conveyancing attorney as it is believed that the seller stands more to lose than the buyer if the transaction does not continue
Unfortunately, this is not possible. The transfer duties and bond costs need to be paid up front and in cash.
It is always advised that you provide your bond provider with notice at least 90 days prior to the cancelation of your bond to avoid any penalties.