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.

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How to Really Buy a Property

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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Property FAQ

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What's in the 2022 edition .....

Why buying property is right for some and wrong for others;
The state of the market today;
What Brexit and Covid 19 means to the future of UK property;
How the media have become unreliable indicators of the market;
Who makes good quality predictions for the property market (and who doesn't);
How the market works over the short term and the long term;
The difference between property bubbles and property booms;
Why it can be a good idea to buy when prices are falling;
The principles of buying a property to let and what the text books don't tell you;
Ways to get on the property ladder when it looks impossible;
How professional buyers and investors work with estate agents to get better deals;
Why you should see as many Financial Advisors as possible;
What to do before you start viewing so you don't lose your dream home;
Who the surveyor, solicitor and estate agent are really working for;
How to make an offer to get things your way;
Who to trust and who, with the best intentions, may be misleading you;
Why you should work to minimise the time between offer agreed and exchange;
Making sense of a property survey including:
- What type of survey to get and why structural surveys can be money wasted;
- Why surveyors should never estimate the cost of works;
- When rising damp, penetrating damp, subsidence, cracking, sagging roofs, bulging walls and all the other frightening things in a surveyor's report might be serious, and when they are not;
- Why asking the vendor to carry out work is not always a good idea.
Step by step guides explaining what should be happening, what can happen, and how to solve mole hills before they become mountains;
Over 140 terms in an easy to use glossary so the jargon of the property industry can be understood;
20 true stories of successes, and disasters, that real people experienced when buying a property.

.... and what's not in the book ...

Continuous commentary banging on about how great property is and that it is the only place to put your money!
Recommending businesses that I get kickbacks from.
Rewording and republishing what is available freely from most websites anyway.
Endless tales of how easy it is to buy property and profit.
Attempts to sell you some course or other product.
Blank pages and spaced out text to make the book seem bigger.

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

Sole Agency

Search Results for 'sole agency' in How to Really Buy a Property

Search Results for 'sole agency' in Property FAQ

There were no results for 'sole agency' in Propery FAQ

Search Results for 'sole agency' inProperty Terminology

What's in the 2022 edition .....

.... and what's not in the book ...

Search Results for 'sole agency' in
How to Really Buy a Property

Search Results for 'sole agency' in
Property FAQ

Search Results for 'sole agency' in
Property Terminology