Buying a Tourism Business in Gambia: Bars, Restaurants, Hotels
Estate Agents Fees
This is the remuneration which is payable to a estate agents fees for services performed, usually arising from
a disposal or acquisition transaction.
An agent appointed to identify suitable premises or dispose
of an interest, will normally expect to charge about 10% of
the first years rent, or in the event of a purchase/sale,
between ½% - 2% of the finally agreed sale price. Both
fee levels would usually be exclusive of VAT and disbursements.
An estate agent acting on your behalf can negotiate
appropriate lease terms or freehold conditions, based on their
market expertise.
They can also ensure that you only receive details of properties
that are suitable for your particular requirements and they
can adopt a role that prevents direct contact between the
vendor and the purchaser.
Agents can act on a retained or non retained basis. On a
non retained basis, the agent who introduces the property
to you or identifies the purchaser, will normally expect a
fee on a brokerage basis.
A retained agent on the other hand, will act exclusively
on your behalf and expect a fee arising from the transaction.
There are sole and multiple agency contracts. The latter
usually require a higher remuneration than sole agency contracts
but marketing coverage should be more extensive.
An agent should agree and confirm the basis of their instruction,
fee terms and conditions of engagement in accordance with
the Estate Agents Act 1979 (as amended).
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