Archive for March 5th, 2008
Relationship of trust and good faith
Wednesday, March 5th, 2008The law of agency imposes on an agent the obligation to observe the utmost good faith towards a principal. Five important examples of this are:
An estate agent must act in the client’s best interest: e.g. the estate agent must endeavour to sell the property at the highest price possible. If however an estate agent knows [...]
The Facts about estate agent
Wednesday, March 5th, 2008Briefly, the Estate Agents Act defines an estate agent as any person who holds himself out as a person who, or advertises that he buys and sells or lets and hires immovable property, an interest in immovable property or a business undertaking on behalf of or on the instruction of someone else for gain.
The impact [...]
How to get paid
Wednesday, March 5th, 2008An estate agent should always discuss the payment of commission fully with the principal and should confirm in writing as much detail as possible of any right to commission on a particular transaction, so as to avoid any misunderstanding. In the total absence of any agreement on the amount of the commission, the amount must [...]
Interesting decisions
Wednesday, March 5th, 2008The purchaser’s ability to pay is assessed at the moment of the signing of the contract. The fact that financial misfortune subsequently diminishes or destroys the ability to pay is irrelevant.
A contract subject to a resolutive condition is binding on signature by the parties and the agent is entitled to commission.
A contract which can be [...]
