Both types of agreements must specify:
- how the property will be sold and the estimated selling price as a single dollar figure
- how long the agreement will be valid - up to 90 days
- the services the agent is to provide and all fees and charges
- the marketing strategy
- the nature, source and amount of commissions, rebates, discounts or other benefits
- how and why the agreement can be terminated
Provisions, fees and terms in the agreement can be negotiated. These must be put in writing and signed by the seller and agent.
The agent must give the seller details of recent sales of similar properties and any information the agent will use when working out the estimated selling price.
