The registration certificate cannot enter into an agency agreement – to be legally binding, the contract must be signed by a Class 1 or 2 licensee. The regulation imposes certain conditions that must be included in different types of agency agreements. You can check the 7-14 calendars of the regulation to see the conditions to be included in any type of agreement. Agency agreements may also include additional conditions, provided they do not conflict with the law, regulations or prescribed conditions. The cooling-off period begins when the contract has been signed by or for each client and expires at 5 p.m. the next day, i.e. a business day or Saturday. Public holidays, public holidays and Sundays are not included in the cooling-off period. If the contract is for the sale of a home, the client must receive a copy of the approved guide for agency contracts. At present, there are no other means in the regulations. In most cases, agents would personally provide a copy of the agreement to the client, electronically or by mail to the client`s postal address.
The cooling-off period gives you time to read the agreement, consider the conditions you have agreed to, including the agent`s expenses, and get independent advice if you have any doubts. Before you can market your property, the broker must sign a contract with you called an agency contract. An agency contract is a legally binding contract and it is important that you read and understand it. If you are unsure of the terms of the contract, you should seek legal advice. If you decide to terminate (or revoke) the agreement during the cooling-off period, you must send a “notice of resignation” to the agent. An agent must prepare a written agency agreement for all services an agent is willing to provide to a client. If a notice of retraction is notified during the cooling-off period, this is the case from the date the customer signed the notification. Neither the representative nor the client is required to pay commissions, damages, fees or fees related to the agency contract or its termination. If the client has already paid money to the agent, he must be fully reimbursed.
An agent is still authorized to collect commissions and reimbursement fees without a written agency agreement for livestock services.