What is an Agency Agreement?

In order to list a business for sale you must have a signed agency agreement signed by the vendor. This agreement gives the agent permission to sell their business. 

The agreement can be an open agency agreement or an exclusive agency agreement. 

The agreement sets out the details of the business such as who owns the business, the address of the business, the agreed marketing selling price, the fees and commission payable to the agent etc. The agreement is signed by both the agent and the vendor.