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Mandate
A Manadate is a contract between the seller/lessor of a property and an estate agent giving the agent the right to market and sell/lese the property within a stated period of time and at a predetermined price/rate.

Open Mandate
Many different estate agents can have a mandate to market your property, meaning that one estate agent cannot claim to have the sole right to market it.

Sole Mandate
Giving an estate agent a sole mandate to market your property, means that you cannot confer a similar mandate on another estate agent before the expiry of a determined period. If another estate agent sells or lets your property during this period, the estate agent with the sole mandate can claim damages from you, which may be equal to the commission that he could have earned if he sold the porperty.

You however, can sell or let the property yourself without any implications during this period as long as you make sure the wording in the mandate does not state that the estate agent has 'sole and exclusive selling rights' or 'sole right to sell' or 'sole authority to sell'.

Sole and Exclusive Mandate
Nobody (including you), except for the estate agent holding the sole and exclusive mandate, is allowed to market your property before the expiry of the determined period of the mandate. This means that should anyone other than the mandated estate agent sells your property, you will still have to pay commission to that estate agent.

The estate agent, to whom the sole and exclusive mandate was given, is still entitled to his commission if he introduced a buyer to your property during the mandated period, depending upon the wording of the mandate document, and this buyer only pruchases your property after the expiry of the madate, perhaps through you as the owner or through another estate agent.

Market Rental
The most probable rental that a voluntary, informed and prudent lessee will pay a voluntary, informed and prudent lessor in a normal open-market (arms-length) transaction, when neither party is under any compulsion to rent or let, other than their normal desire to transact.

Market Value
The most probable price that a voluntary, informed and prudent purchaser will pay a voluntary, informed and prudent seller in a normal open-market (arms-length) transaction at the date of valuation – after allowing for proper marketing prior to the valuation date — when neither party is under any compulsion to sell or to purchase, other than their normal desire to transact.
Related Topic: Fundamental Value (FmV), Price.

Mean
Related Topic: Arithmetic Mean, Geometric Mean, Median.

Median
Midpoint of a series of observations when arranged in order of magnitude. Thus it is a measure of central tendency that divides the data set into halves. Less affected by outlier observations than the arithmetic mean. For example, the median of 5, 6, 7, 8, 9 is 7. And for 5, 9, 15, 16, 17, 21, 23 the median is 16.
Related Topic: Arithmetic Mean, Geometric Mean, Mean.

Metro
Metropolitan.

 
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