If the last Is first in selling property

Press, 2 December 1987, Page 59

If the last Is first in selling property

The case of the last being first and the first sometimes last occasionally crops up in real estate transactions. When prospective buyers begin looking at homes they often make inquiries through more than just one agent, just as vendors use more than one agent in most cases as they try to sell. As a result of this it is inevitable that some buyers will inspect the same property under the wing of different agents without the latter knowing and this can cause complications.

It is interesting to know the position of each party in such cases. Real estate agents have an understanding that the first agent to introduce an eventual buyer to a property should be entitled to the fee. But this solution is not always as simple as it seems. An agent taking a buyer to a property who has already been there with another agent should be told of the fact. Otherwise the second agent in proceeding with the sale will eventually collect a

fee, and believe that this transaction has been completed. However, what happens when the first agent, who made the introduction, claims a fee? After all, he/she was partly responsible for the sale. The Real Estate Institute has within its rules ways and means of solving the problem. Vendor and buyer will not become involved. Even so, if the claim triggers a dispute between the agents it could cause ill-feeling. Buyers can avoid that happening by making it clear to subse-

quent salespeople when making inspections that they already have visited the property with another real estate agency representative. It is accepted that at times after having looked at a number of properties you may be unaware until arriving at the front door that you have already seen that house. Even so, make this discovery known — immediately. It will save all sorts of possible upsets and allow you and the salespeople you are dealing with to get on with the job of helping to settle you into a new home of your choice.