Since 1996, the profession of real estate agent is ruled by law. A real estate agent will have taken courses, passed exams and worked as a trainee in order to obtain his license.
In order to protect your rights, the law provides that you sign a written contract with the agent. If no written agreement is signed, the agent will not be entitled to receive his commission.
In the written agreement with the real estate agent, it is strongly advised to indicate the details of the real estate property as clearly as possible. The contract will also indicate the contemplated transaction (purchase, sale, rent..), the price range, the exact name of the parties and of course, the commission (in percentage of the sale price or in month of rent).
The real estate agent will usually charge a 2% commission plus VAT on a purchase/sale of property or one month rent on a rental of property. This commission may be negotiated, according to the property's value or rent and your relationship with the agent (previous deals..).
Our advice: do not grant the agent exclusivity. This exclusivity means the agent will be entitled to a commission for any transaction entered into during the exclusivity period even if the transaction did not occur due to the agent's services.
Previous Next