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A real estate agent agreement is a contract for services under which a real estate agent mediates in the sale of real estate, for example, the purchase or sale of a home. It includes, among other things, the mandate, the commission, the duration, and agreements regarding exclusivity and costs.
What is a brokerage agreement?
A real estate brokerage agreement — also known as a mediation agreement — is a contract for services (Article 7:400 of the Dutch Civil Code). The service is to mediate in real estate: often the purchase or sale of a home, but also the leasing or purchase of commercial property. The real estate agent endeavors to bring parties together.
The commission (the fee)
The most important financial agreement is the commission: the fee for the real estate agent, often a percentage of the purchase or rental price or a fixed amount. Specify when the commission is due — usually only upon a successful transaction ('no cure no pay') — and which additional costs apply, such as advertising costs.
Exclusivity and duration
You often agree on exclusivity: only this real estate agent is permitted to act as an intermediary for a specific period. Pay attention to the duration and the options for termination or withdrawal. As the client, you can in principle withdraw an assignment, but costs or compensation may be due; this depends on the agreements.
Pay attention to due care and interests
The real estate agent must act as a diligent contractor and represent your interests. In principle, he may not act as an intermediary for both the buyer and the seller simultaneously (the prohibition against serving two masters). A clear agreement prevents disputes regarding what the agent does for you and what it costs.
Frequently Asked Questions
When do I have to pay commission?
Usually only upon a successful transaction, but that depends on the agreements. Also, pay attention to any additional costs.
Can I withdraw a real estate agent mandate?
In principle yes, but costs or a fee may be payable depending on the agreement and the exclusivity.
Is a real estate agent allowed to act for both buyer and seller simultaneously?
In principle, no: the prohibition on serving two masters protects you against conflicts of interest.
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