I have had my house on the market with an Estate Agent for the last five months and received one offer, which was acceptable until the buyer’s survey picked up a number of issues resulting in a much lower offer being made. I have now decided to withdraw the house from the market. Will I be expected to pay any fee to the agent bearing in mind no sale will take place?
Sellers will often elect to stay put for a number of reasons, and an estate agent is only entitled to his commission in the event of his finding a Buyer who is able and willing to proceed to complete the purchase of your property.
If a sale has been negotiated through the selling agent then this will be on terms and at a price acceptable to both parties. If the Buyer subsequently varies that offer as a result of further enquiries, survey or inspection then the Seller is of course not obliged to proceed on these renegotiated terms. If the renegotiated terms are unacceptable you are of course entitled to withdraw in the same way as the buyer will withdraw as he is no longer willing to proceed at the original price.
In such circumstances the agent is not entitled to his sale commission as the sale which he negotiated did not proceed as the Buyer was not willing or able to proceed as a result of his survey but will be able to recover advertising costs and any other costs covered by the agent’s own contract.