Whose is an Agent?

Let me start by wishing my honourable Real Estate Agents Happy New Year and prosperouse new year. I pray this year will be a good year for us. I want us to be prudent in time management, transparent with our clients be it the property's owner or the prospective Tenants and transparent among ourselves. Likewise it is deem necessary we are honest too, let all lies be far away from us. Make sure this year, your yes is, I hope we need not to ponder too much on this or polongo to much! this year I have put it on myself to come up with write-ups that will be of good benefit us as regard Real Estate business. Please diligently follow me.

Who is an Agent or what is Agency

Agency is a contractual relationship between two persons called the principal and agent, which empowered the agent to act or carry out activities on behalf of the principal and in which the principal is bind (Legal commitment) by the action of the agent.

Agent. Is a person who is engaged or enployed to bring his/her principal into contractual relations with a third party. Or a person engaged, authorised by the principal to carry out some specifiec or an unspecified activities on behalf of the principal, where as the agent is not liable for his act.

Creation of Agency

a. Oral,an agent appointed by just word of mouth, Agent appointed orally may act for his principal in respect of any type of simple contract. Even for contract which must be in writting or evidenced by writting. However An Agent appointed to execute a deed must be appointed by a deed(Seal)
An Agent appointed by deed is called attorney, the deed appointing him is called POWER OF ATTORNEY.

b. Implied Agency or Agent by implication(suggest) Ones action, conduct or relationship to the principal may suggest that the Agent is acting on behalf of the principal without necessarylly indicate or specify to the Agent what to act upon by the principal.
c. Written, an Agent can as well be appointed by written, especially to carry out technical activities(Deed) in this case both Principal and Agent duties and rights are well itemized.

Duties of an Agent to his Principal(Rights of the Principal)

1. To obey the instruction of his principal
2. To exercise due care and skill that is Agent must put all his ability, knowledge, expert in carring out his principal instructions.
3. To act in good faith, The relationship between the agent and his principal is that of trust, his personal interest must not conflict with his business interest. Must not make a secret profit at expense of his principal.
4. To act personally unless the instruction permit him to delegate.He must at all time perform his duties in person and cannot appoint a sub-agent to do what he was appointed to do DELEGATUS NON POTEST DELEGARE(delegate can not delegate)
Exception to this rule are as follows
i. Where the principal expresswly authorise the agent to delegate
ii.Where custom or trade sanctions delegation
iii.Delegation is necessary for proper performance.
5. To account to his principal, account for all monies received and all benefits on behalf of the principal
6. Non-disclosure of confidential information, the agent owes the principal a duty of secrecy, he must not disclose confidential information, which he acquire on the course of his duties to the third parties.

Duties of the Principal to the Agent(Rights of An Agent)

1. Indemnity: Subject to any express terms, in agency agreement an agent has right to claim from his principal an indemnity against all expenses or loss incurred in acting on Principal's behalf.
2.Remuniration: To pay an agreed commission or remuniration.
3.Lien: has a lien over goods belonging to the principal, enabling him to hold such goods until his commission is paid

TYPES OF AGENT
a. Del-Credere Agent:Agent who has been employed to contract on behalf of his principal, but agrees for an extra commission to idemnify his principal against any financial default by the 3rd party.

b. Factor: An agent employed to sell good for a commission he has possession of the goods(unlike a broker) and can therefore claim a lien over thwe goods for unpaid commission. he can also pledge or sell the goods.

c. Broker: Is a commercial agent employed to make contract between his principal and others for a commission usually called "brokerage"unlike factor broker do not have possession of the goods for sale and can not sell in his name. They has no lien over goods, no power to pledge them for security.

d. Auctioneer;Is an agent having authourity to sell property by either private or public auction, he is an agent of seller but when sales completed he turns agent of buyers for purpose of making a written records of the sales.

e. REAL ESTATE AGENT
Is's an Agent whose function is dual,to find a buyer for a house or other landed properties for his principal subject to some identified agreement.likewise an agent to his principal to get property for purchase in any way he is entitle to commission out of the proceeds of sale to a buyer introduced by him.As well he turn an Agent to whose ever come to him to either search property for him to rent,lease or buy, Which either way his entitle to commission and must adhere to the agreement between him and his principal.

If you have any question, please never mind to contact us:

Lanre Fabiyi
Signature Properties
84 Shyllon Street, Palmgrove Lagos Nigeria
Tel: 07029478806, 08031955044
Email: signaturepropty@gmail.com
Our Services: Sales and Buy of Lands and properties, Letting/Leasing, Property Management, Development, Valuation and Real Estate Consultancy.

nice write up

Formation of real estate agency
https://www.landforsale.ng/formation-real-estate-agency