Transferring Management Authority for Investment Property

vitb1 on 12/03/2021 - 21:45
Last edited 13/03/2021 - 09:43 by 1 other user

Hi guys and girls, just need some advice.

Last year, I signed a management authority form for my investment property with Agency A for 24 months.2 months later, they sold their business and transferred all their clients to Agency B. The agreement was recently signed so I still have almost a year left with Agency A.

Agency B has yet to get me to sign anything. Does my agreement automatically transfer to Agency B, and so am legally bound to them until the end of the agreement?

I think I can jump ship and go somewhere else but just want to make sure before I pull the trigger. The property is in WA if that makes any difference.

TIA!

• 

  SF3 on 12/03/2021 - 22:08

  “Did the REA say to ask OzB first?” I’m sure someone around here said this before 🤔

• 

  whooah1979 on 12/03/2021 - 22:14

  A change in ownership doesn't affect the clients. They're most likely looked in for the length of the contract.

• 

  pjetson on 12/03/2021 - 23:40

  Does my agreement automatically transfer to Agency B, and so am legally bound to them until the end of the agreement?

  What does the agreement you signed say about it?

  I think I can jump ship and go somewhere else

  What makes you think that? I suggest that you get proper legal advice rather than just "think" you can break the agreement.

• 

  elgrande on 12/03/2021 - 23:47

  24 months….. geeez

• 

  mskeggs on 13/03/2021 - 08:31

  +1

  Read your agreement.
  If it says that it can be assigned, that means transferred to somebody else, and if there are any conditions (like you having to agree). There might also be wording about a change of control with similar effect.
  If it doesn’t mention it, they can probably do it, as you didn’t seek to have any limit on them doing so included in the agreement.

• 

  bohn on 13/03/2021 - 08:43

  How come you need to give them authority for so long? Usually you can switch any time (after the initial leasing authority expires).