Sub Agency Agreement

By October 9, 2021 No Comments

For the buyer, there are obvious disadvantages under the sub-agency. There is no obligation to obtain the best price or conditions for the buyer, since the broker, as a sub-agent, was required to obtain the best conditions for the seller, usually someone he had never met and with whom there was no direct business relationship. Many states, including Florida[4] and Colorado[5], have abolished the sub-agency in favor of written buyback brokerage agreements or the creation of brokerage transactions. In practice, there may of course be difficulties in convincing a head of line that the sub-agents thus designated by the Plenipotentiary-General actually act as representatives of the contracting authority. A similar case was heard in Canada in 1986 concerning the bankruptcy of a general agent.