Let’s get back on topic: Foreign investors are more likely to be buyers than sellers in Turkey, but I believe that some of them want to make a profit by selling their houses. I chose this topic to give some hints to foreign investors who are now in the position of seller and are ready to work with a real estate agent.

In some cases the seller assigns more than one agent to accelerate the sale process and in order to find a good market value for his property. Today I would like to focus on how you may end up paying a double real estate agency fee if you have assigned two agents or if you did not read the agreement carefully before you signed it.

An agency may be entitled to a commission regardless of who sells the property. If you sell your property through another real estate agent, or even if you sell it yourself to your neighbor without the involvement of the agent, the estate agent may immediately demand a commission for the sale.

In this case your argument stating that the agent had no involvement in the transaction would mean nothing. The estate agent would argue that you signed an exclusive agreement, the terms of which state that the commission is payable to the agent, regardless of who sells the house.

I would advise you to be aware of the different types of agreements -- and to know what you are signing.

Basically there are three real estate agency contracts available, an open real estate agency contract, a sole real estate agency contract and an exclusive real estate agency contract -- estate agents generally prefer the latter.

This last type of contract is also known as a “sole and exclusive” real estate agency contract. I should also note that many real estate agents will also try to commit you to the real estate agency contract for the longest period possible or even for an indefinite period. The normal term should be around three months; this may go up to six months, but any term longer than this may prove problematic.

I would highly recommend that the seller limit the period of the real estate agency contract to between 30 to 60 days. If you sign an exclusive real estate agency contract for one year and the agent makes no headway in selling your home during this period, there is absolutely nothing you as the seller can do -- you cannot even sell it yourself without having to pay the agent the commission.

Limitations on the term of the contract are of great importance; you should also make sure that the contract terms do not prevail after the term of the contract expires and that it is terminated in a valid and binding way.

Source: Today's Zaman