Published: 02/02/2024
The duration of your contract with a commercial estate agent is typically specified in the terms of engagement or agency agreement that you signed with the agent. The duration can vary, and it's important to review the agreement carefully to understand the terms related to the length of the contract. Common contract periods can range from a few months to a year or more.If you wish to terminate the agreement before its expiration, there are several steps you can take:
Review the Agreement:
•Carefully read the terms of the agency agreement to understand the provisions related to termination, including any notice periods and conditions for ending the contract.
Notice Period:
•Check the notice period specified in the agreement. This is the amount of time you are required to provide the estate agent before terminating the contract. The notice period can vary, so be sure to comply with this requirement.
Negotiate with the Agent:
•If you have valid reasons for wanting to terminate the agreement early, consider discussing the matter with your commercial estate agent. In some cases, agents may be willing to negotiate or release you from the contract under certain conditions.
Mutual Agreement:
•If both parties agree to terminate the contract early, you can document this in writing through a mutual agreement. This may involve an amendment or addendum to the original contract.
Invoke Termination Clauses:
•Check if there are specific termination clauses outlined in the agreement that allow for early termination under certain circumstances. For example, there may be clauses related to the agent's failure to perform or meet specific conditions.
Legal Advice:
•If you encounter difficulties or disputes during the termination process, consider seeking legal advice. A solicitor can review the terms of the agreement and guide you on the best course of action based on your specific situation.
Comply with Legal Requirements:
•Ensure that you comply with any legal requirements outlined in the agreement for terminating the contract. Failure to adhere to the terms may result in contractual obligations or potential legal consequences.
Remember that early termination of an agency agreement is a serious matter, and it's important to approach it carefully and in accordance with the terms outlined in the contract. If you have concerns or uncertainties, seeking legal advice is advisable to protect your interests and ensure that you are acting within the bounds of the agreement.
