Once you’ve chosen an agent to sell your home you’ll need to sign an agency agreement. This is a legally binding contract so read it carefully before you sign. The agreement should include the following:

• the duration of the agreement
• commission rates, fees and charges payable to the agent
• advertising costs and who pays them
• information about what happens if the property is passed in at an auction

Generally, there are three types of agency agreements you could choose:

• Exclusive agency agreement – where you appoint one real estate agent to sell your property.
• Multiple listing (or Multi-list) – which is also an exclusive agency agreement where you appoint one agent to sell your home, and that agent agrees to work in conjunction with other Multilist agents to sell your property.
• Open Listing –where the seller lists their home with a number of real estate agents in the local area. Under an open listing agreement, each agent can sell the property individually or work with another agent to sell the property. Only the agent that introduces the buyer to the property will receive the commission from the seller.