The real estate mandate

Sale

A mandate is a contract between two parties which allows the fiduciary to act on behalf of another person called the mandator.

In real estate, the fiduciary is generally the real estate agent and the mandator is the owner of the property. Thus, the seller authorises the agent to handle the entire sale of the property.

 

What are the different types of mandates?

 

There are different types of mandates, as follows:

- the exclusive mandate;

- the non-exclusive or simple mandate;

- the semi-exclusive mandate.

 

What should a sales mandate contain?

 

A sale mandate must contain several important elements including:

- The identity of the sellers;

- The contact details of the agency responsible for the sale;

- The amount of the remuneration;

- The duration of the mandate;

- The nature of the mandate.

By Charline Demange, October 27, 2022

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