What does 'Sole Agency' mean when buying a property?

Find out what Sole Agency means when you are buying a property. 'What does Sole Agency mean?' plus over 150 other property related terms and jargon in plain English

Sole Agency

When a property is on the market with only one estate agent it is sole agency.

Estate agents like to shout about this in their listings (which is why you often see it mentioned) because they are basically saying "If you want to buy this property you have to do it through us".

The term is also of relevance to the vendor because most agents will charge the vendor a higher fee if another agent is also instructed. They have one fee for "Sole Agency" and a higher fee for 'Multiple Agency'.

When the property is on the market with two agents it is occasionally referred to as 'Joint Sole Agency' because that sounds posher than "Multiple Agency".

Estate agents may also have a special fee for "Joint Sole Agency" which might be the same as their "Sole Agency" fee or somewhere in between "Sole Agency" and "Multiple Agency.

To learn all the lingo you'll need to know to purchase a property the smart way pick up a copy of my ebook How to Really Buy a Property.

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Chapter 23: Why Vendors Choose Bad Estate Agents
"... even sell it at all. Using More than One Agent - If you are using just one agent the term associated with this is sole agency. There are three other scenarios that any vendor should be aware of, at least one of which should be avoided: Joint sole agency Split Commission Multiple..."
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"... with this is sole agency. There are three other scenarios that any vendor should be aware of, at least one of which should be avoided: Joint sole agency Split Commission Multiple Agency - Joint sole agency - This is a fallacy and a very glossy way of saying you are on with two..."
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"... any vendor should be aware of, at least one of which should be avoided: Joint sole agency Split Commission Multiple Agency - Joint sole agency - This is a fallacy and a very glossy way of saying you are on with two agents. You are either sole agency or with multiple agents. The..."
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"... is a fallacy and a very glossy way of saying you are on with two agents. You are either sole agency or with multiple agents. The term has evolved as a way of agents offering you a sole agency fee, in other words a lower one, even if you are on with another agent. In advertising the words "joint sole" can be used to make the property sound exclusive in some other way than having to say..."
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