People selling their homes now have the opportunity to better protected when it comes to paying their real estate agents commission.
Real estate agents selling residential property are being encouraged to use new standard clauses in their terms and conditions to better protect consumers.
The standard new clauses were developedby the Real Estate Agents Authority and the Real Estate Institute of New Zealand (REINZ), to create more certainty about when an agency agreement ends and which agent can claim a commission if sellers change real estate agencies.
When a seller decided to change real estate agents, it was not always clear which agent was owed a commission when the property sold, REAA chief executive Kevin Lampen-Smith said.
"This can cause confusion and lead to disagreements and complaints to both the REAA and REINZ."
"Disagreements over commissions between real estate agencies unfortunately occur too often.
"If it's clear that just one agency is entitled to a commission it will make things simpler and more straightforward for both the agent and the seller."
He said the clauses were voluntary, but the REAA recommended anyone selling their residential property use a real estate agency that included these standard clauses.
