In the agreement that I've signed it is stated :
APPOINTMENT TO ACT AS AN ESTATE AGENT
I......NRIC No.....of....hereby appoint (name of the agency)to secure a purchaser for the property known as .....In acting as Estate Agent you are permitted to display signboard, advertise in any media or in any form to promote generally the sale of property, subject to thefollowing terms :
1) The total consideration prIce for the said property shall be at RM250 000 negotiable.
2) Payment mode are as follow :
Earnest deposit on acceptance of offer : 3% of consideration price
On signing theS&P Agreement : 7 % of consideration price
The balance to be paid within a period of 90 working days.
3) I hereby agree to pay you a fee as follow :
The full fee paYable as calculated above is RM 3%......only
4) The professional fee is payable in full upon the signing of S&P agreemnt
5) In the event that the Earnest Deposit is paid but the transactin aborted before the S&P agreement is signed, I agree to pay you a fee of 50% of you full fee, whichever is lesser.
6) In the event that the S&P Agreement is signed, but subsequently aborted of any reasons, I nevertheless agree to pay the full fees.
7) This appointmet is on the Exclusice basis
8) In the event that this appoinment is on the basis of Exclusive agency and I have sold thepropety myself or by a third party. I agree to pay to (name of the agency) the full fees as compensation.
9) This instruction shall be valid from **** to **** and deemed renewal for a period equivalent to the original term unless either party gives notice of termination in writing.
10) I hereby agree that I shall not be entitled to terminate this appoinment during its period of validity and in the event I shall purportto terminate whether in in writing or otherwise this appintment before its due expiry, I shall be liable to pay...the full fee as compensation.
11) I agree to bear the mandatory 6% government service tax.
12) I hereby authorise (name of the agency) to act as stakeholder and to accept on my behalf the earnest deposit and to deduct the professonal fee from the payment due to you.
Name : ****
IC :***
Date :****
Luckily this is the only agreement that I've sign. Frankly I have no idea that it can be this complicated.Maybe I am just unlucky to get SMART agent who thought that they can do whatever they like. I did try to call the agency so many times but no one pick up the line. I am thinking of reporting this issue to the agency and ask them to get another agent to take over since the agreement is stated clearly that I am appointing an agency and not the agent.
Thank you Dario for your time and advice.