SOLE AGENCY Meaning and
Definition
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Sole agency refers to a legal agreement between a seller and a specific estate agent, granting them the exclusive right to market and sell a property for a specified period of time. Under this arrangement, the estate agent becomes the sole representative of the seller, having the exclusive authority to advertise, negotiate, and finalize the sale of the property.
In a sole agency agreement, the seller agrees to work exclusively with the appointed estate agent, meaning they cannot appoint other agents or market the property on their own. This exclusivity provides the estate agent with a level of commitment and motivation to secure a successful sale, as they are fully invested in the process. It also allows them to dedicate their resources and efforts solely to the seller's property, giving them a higher degree of control and focus.
Sole agency agreements often involve a pre-determined commission or fee structure that the seller agrees to pay to the estate agent upon successful completion of the sale. This compensation acts as an incentive for the estate agent to work diligently to attain a profitable outcome for the seller.
While sole agency agreements restrict the seller from engaging other agents, they usually provide an exception for the seller to find a buyer independently, without incurring any commission or fee to the estate agent. This provision offers the seller some flexibility and control over the sales process.
Overall, sole agency agreements provide sellers with the advantage of dedicated representation and focus, while estate agents benefit from exclusivity and a higher probability of earning a commission.
Common Misspellings for SOLE AGENCY
- aole agency
- zole agency
- xole agency
- dole agency
- eole agency
- wole agency
- sile agency
- skle agency
- slle agency
- sple agency
- s0le agency
- s9le agency
- soke agency
- sope agency
- sooe agency
- solw agency
- sols agency
- sold agency
- solr agency
- sol4 agency
Etymology of SOLE AGENCY
The word "sole agency" is derived from two different words with distinct etymologies.
1. Sole: The word "sole" comes from the Old French word "soul" or "seul", which means 'alone' or 'only.' It can be traced back to the Latin word "solus", meaning 'alone' or 'only one.'
2. Agency: The word "agency" comes from the Latin word "agens", the present participle of the verb "agere", which means 'to do' or 'to act.' It evolved into "agentia" in Late Latin, which referred to 'a function or office of an agent.' This eventually led to the English term "agency", which refers to the capacity or role of acting as an agent.
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