Sole Agency vs. Open Agency — What This Means for You
Sole Agency: You appoint Fresco Property Group as your sole agent for a set term (up to 90 days for residential property). During this period, if you sell the property yourself without the agent's involvement, you may still be liable to pay the agent's commission. The agent works exclusively on your behalf and is incentivised to achieve the best possible result.
Exclusive Agency: Similar to sole agency — Fresco Property Group is the only agent authorised to sell your property during the term. If the property sells through any party during the exclusive period, commission is payable to the agent regardless of who introduced the buyer.
Open Agency (Continuing Appointment): You may appoint multiple agents simultaneously. Commission is only payable to the agent who is the effective cause of the sale. You may end this appointment at any time by providing written notice.
Note: For sole or exclusive agency appointments of 60 days or more, either party may end the appointment by giving 30 days written notice, but the appointment must run for at least 60 days unless both parties agree to an earlier end date. You are entitled to negotiate the term of your appointment up to a maximum of 90 days for residential property sales.