How long is a contract valid?

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    #31
    As a general principle, an agent is not allowed to make money from their principle's assets or property.
    The interest or commission would automatically be the principles.
    Whether or not it's a pain doesn't change that (the sensible thing to do would be to keep the money in a non-interest generating account, so the issue doesn't arise).

    Obviously, the contract is an agreement on its own, but I'm not sure if that's something the principle and agent can agree in a contract.

    But agency law is a strange beast and its one I'm only slightly familiar with.
    When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
    Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

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      #32
      Originally posted by jpkeates View Post
      The contract seems pretty clear.
      The agent is appointed for The Property and The Property is defined as the address written in the box on page 4.
      Assuming there's only one property in that box, that's the only property the agreement seems to be for.
      I had looked at the contract again and came to the same conclusion. I don't think it would cover property B but that doesn't really matter now.

      Part 4 of the termination clause seems to say that even if I cancel, I still have to pay if the tenant stays in the property.

      The only service the agent does is renew the tenancy every year. That's what I pay 5% of the rent for. I have to pay whether it's a renewal or periodic tenancy. The agent always renews it even if the rent stays the same as then I have to pay for the whole year rather than pay monthly. I only just realised I had a choice.

      I thought this was common practice for agents as I'm sure I've seen landlords complaining on here about having to pay agents every year for keeping the tenant.

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        I had looked at the contract again and came to the same conclusion. I don't think it would cover property B but that doesn't really matter now.

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