Dubai life coach Lee Levy speaks on exclusive mandate in real estate A real estate Mandate is an instruction or authority from a client to an estate agent, to render a particular estate agency service within a specific time period and based on mutual agreement on commitment and dedicated services.
What does exclusive sole mandate mean?
In Dubai, the terms EXCLUSIVE SOLE MANDATE. (The word “mandate” means permission and authority and amounts to an agreement The words “exclusive sole” mean that the Seller shall not be permitted to sell the property through the Seller's own activities or through the activities of any other estate agent during the period of this agreement.
At common law the seller is always entitled to sell his/her property him/herself, even should a sole mandate been granted. However, should the seller’s right to sell been excluded in the contract with the agent for the duration of the currency of the sole mandate, the seller would be in breach should he/she sell the property during the mandate period and will be liable for damages.
Can you get out of a sole mandate?
Dubai Real Estate Mandate which is not stated to be irrevocable can be cancelled without notice by the person who conferred the mandate. Sole mandate forms normally used by estate agents invariably stipulate that the sole mandate is irrevocable for a certain period which then cannot be cancelled.
Does the owner still have to pay commissions after cancelling mandate?
Depending upon the type of mandate contract you have signed, you may still need to pay agency fees. In some cases you can pull out without owing any money, as long as you can prove the buyer was not introduced to you by the estate agency and that you offered the agency the required time for exit of mandate.
There are cases where the agency agreed to do additional marketing for this particular property and naturally speaking, the owner would have to refund the costs. In most cases, the agency will collect a payment in advance.
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