There is nothing in the law or in the code that sets the length of the notice period for a general agency. The practice of the industry usually lasts between 7 and 14 days. The agency contract becomes mandatory when the contracting entity (i.e.: You as the owner/seller of the property or someone who acts legally for you) and the agent have signed it. There is then a one-day cooling-off period during which you can terminate (or “revoke”) the contract. Saturday is included for the purposes of the cooling-off period, but not on public holidays. The cooling-off period can only be cancelled if the agent has provided you with the following documents at least one business day before the signing of the agency contract: A single agreement gives an agency the exclusive right to market and sell your property. The stand-down period is usually six months, but the length of the stand-down period can vary from agency to agency. It is important to read your agency agreement and get legal advice if you are not sure what this means to you. At any time, until an agreement is reached unconditionally, you can decide that you do not want to sell your property and remove it from the market. This disclosure takes place in a form that must be included in the Agency`s agreement. If you are not the sole owner of the property, either all owners must sign the agency contract or you must prove that you have the right to sign for all other owners. (You must provide written confirmation to the agent, for example.
B a power of attorney, a decision on directors, company minutes or a court document.) It is important to communicate to the agent everything you know about the property, as an agent is required to disclose the known defects of a property to a potential buyer. A representative may terminate an agency contract if you ask them not to disclose known defects. You can waive your right to a cooling-off period or waive it by signing a separate waiver form when the agreement is signed. The agency agreement contains a list price if your property is marketed with an advertised price, but not if it is sold on another method. You must provide the Seller with a copy of the New Zealand Residential Property Agency Agreement Guide[PDF, 2.2 MB] [PDF, 2.2 MB] before signing the agreement and asking the Seller to confirm in writing that he has received it. You must warn the seller that he may pay two commissions if the buyer has been introduced by another agent or if he has an existing agency agreement that has not been terminated. Many states have very broad rights that allow you to earn a living. If the agency does not help you take care of yourself and prevents you from exploring other ways, it may be illegal for the agency not to let you out of the agreement.