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mr-ed, the termination penalty is yours. The agent only becomes entitled to commission once the contract becomes unconditional, which never happened.
Good luck with your next sale!
Go back and look at your contract,or next time insert a special clause in the Special Conditions,that covers you not the agent,after all you are the one left holding the can at the end of the day..willair..I had a property sale fall through.
On signing the contract, $1000 was paid. Buyer pulled out during the three day cooling off period.
Who collects the $1000, the vendor or the agent?
Go back and look at your contract,or next time insert a special clause in the Special Conditions,that covers you not the agent,after all you are the one left holding the can at the end of the day..willair..
Joel,if the agent is smart and wants to keep the listing one would think they would pass on the $$$$ too the vendor,what's 1k when if you keep the listing you get paided anyway,,but i know from experience it can get real ulgy when the dollars are above 25k,and the buyer pulls out of the sale,afterall a sale is not finalised until settlement..willair..I think we should clarify which states we're talking about here. In Queensland this is not the case.
If the purchaser terminates the contract under the cooling off period, the 0.25% penalty is to be divided equally between the Vendor and the Agent as per the PAMD 22a.
Joel,if the agent is smart and wants to keep the listing one would think they would pass on the $$$$ too the vendor,what's 1k when if you keep the listing you get paided anyway,,but i know from experience it can get real ulgy when the dollars are above 25k,and the buyer pulls out of the sale,afterall a sale is not finalised until settlement..willair..
I can't see this anywhere on the PAMD 22a. I can see that an agent could possibly insert something in there to the effect that they're entitled to a portion of the termination fee, but it doesn't appear to be part of the standard form (unless this Jul 09 version has been updated?).I think we should clarify which states we're talking about here. In Queensland this is not the case.
If the purchaser terminates the contract under the cooling off period, the 0.25% penalty is to be divided equally between the Vendor and the Agent as per the PAMD 22a.
I can't see this anywhere on the PAMD 22a. I can see that an agent could possibly insert something in there to the effect that they're entitled to a portion of the termination fee, but it doesn't appear to be part of the standard form (unless this Jul 09 version has been updated?).
I'm not saying you're wrong, I'm just saying that I'd like to see a reference. The agent doesn't get anything if a buyer pulls out due to failure to meet conditions, so I don't understand why it should be different if a buyer "cools off".
I see, this one.Oz,
No worries at all. Your July '09 22a is the most recent and s12 is the one you're looking for, specifically below s12.2(3) being the most relevant.
Edit: Sorry i've just realised you're viewing a PAMD 22a with no attached conditions. You will find 99% of agents with be using the REIQ PAMD 22a which has a schedule of conditions attached. Happy to send you a copy if this if you would like to have a look.