ALEX MARTIN COMMERCIAL LTD
Company No. 6755399
249 Cranbrook Road Ilford Essex IG1 4TG
TERMS OF BUSINESS FOR ACTING FOR A SELLER
Our Terms of Business reflect Our ethos – straightforward, practical and designed to enable Us to provide a level of service which We endeavour will exceed Your expectations.
These Terms as set out below are the terms on which You shall appoint Us. Please ensure that You have read them carefully and ask any questions before signing these Terms. These Terms must be read in conjunction with the Confirmation of Appointment Letter which contains additional Terms of our Appointment and may vary some of the standard terms set out below.
Please note that it is assumed that upon Our written confirmation to You of the appointment hereinafter, You have read Our Terms of Business. You are by entering our Website deemed to have read and agreed these Terms of Business.
You appoint Us for You on these Terms.
- ID DOCUMENTS
3.1. You agree to provide Us with ID and proof of address, which is required by Us in order to comply with the current money laundering regulations in force.
- PROPERTY MISDESCRIPTIONS ACT
4.1. We are required to comply with the provisions of the Consumer Protection from Unfair Trading Regulations 2008 and the Business Protection from Misleading Marketing Regulations 2008. We reserve the right not to publish any information provided by You, if deemed that this information contravenes this Act.
4.2. We will prepare the Property particulars on Your behalf. However, We do not guarantee any of the information contained on Our Website, and sent to Purchasers or parties directly. The Property Particulars do not form part of any contract. You will be required to approve Your Property Particulars before We commence marketing of the Property committed by You.
4.3. You shall indemnify Us, Our directors, employees and agents, against any claim made in respect of the Property or any mis-description thereof that arises wholly or partially out of any act or Commission committed by You.
ACTING FOR SELLERS
- COMMISSION RATE & PAYMENT TERMS FOR BUYING ON SALE OR A LEASE
5.1.1. Our Fee for the sale of a Property is charged at the rate of 2.00% plus VAT of the total value of the transaction.
5.1.2. Our Fee becomes payable upon exchange of contracts, although payment is deferred until the Completion Date. In the event a transaction does not complete following an unconditional exchange of contracts, then the Fee will be charged on the amount of any deposit which has been retained.
5.2.1. Our Fee for the letting of Property is charged at the rate of 12.5% plus VAT of the agreed annual gross rent, regardless of any rent free periods or incentives.
5.2.2. Our Fee shall become payable upon exchange of contracts, although payment is deferred until the Completion Date. In the event a transaction does not complete following an unconditional exchange of contracts, then the Fee will be charged on the amount of any deposit which has been retained.
- SOLE AND MULTI AGENCY
6.1. Sole Agency
6.1.1. Unless otherwise stated in writing in accordance with Clause 6.2 below, Our appointment is on a Sole Agency basis.
6.1.2. By virtue of the Estates Agents (Provision of Information) Regulations 1991 we are required to explain in writing to you the term Sole Agency.
This means: You are liable to pay the agreed remuneration (Commission) to Us in addition to any other costs or charges agreed, if at any time unconditional Contracts for Sale of the Property are exchanged with
(i) . A Purchaser introduced by us during the period of our sole agency; or
(ii) . With a Purchaser whom we had negotiations about the Property during that period; or
(ii) . With a Purchaser introduced by another agency during that period
6.1.3. These terms of business explaining the meaning of Sole Agency have been given to you on the first day that You contacted us and before you have undertaken any commitment to us. By signing a separate document authorising us to commence marketing the property you agree with us what the duration of the Sole Agency will be and when you complete that document you shall confirm that you have received these terms of business and that with effect from that date you shall have an obligation to pay Us a remuneration if any of the three circumstances set out at 6.1.2 of these terms shall occur.
6.2. Multi Agency
6.2.1. If We agree that Our appointment is to act on a Multiple Agency in writing, You are at liberty to enter separate negotiations with more than one estate agent.
6.2.2. You are liable to pay the agreed Commission to Us, if there is an exchange of contracts for the sale of all or any part of Your Property during the term of Our appointment.
6.2.3. If You exchange contracts with a Purchaser introduced by Us within 6 (six) months of the termination of these Multi Agency Terms, the Fee will become payable by You in full, at the Completion Date.
7.1. New Homes Sales
The Commission rate shall be 2% plus VAT of the net selling price (excluding fixtures and extras) for each of the dwellings sold at the site for the duration of this Agreement.
7.2. Section 106 Affordable Housing Sales
The Commission rate shall be 2% plus VAT of the net selling price (excluding fixtures and extras) for each of the Affordable Housing dwellings sold at the site for the duration of this Agreement.
7.3. Payment Terms
In the case of a sale under 7.1 or 7.2, 50% of the total Fee shall be payable upon exchange of contracts in respect of the sale with the balance payable upon the Completion Date of the sale
- PARTNER AGENTS
In some instances, a Partner Agent will be appointed to assist with the sale. The Partner Agent shall be appointed by Us, and would be selected based on their appropriateness for the role subject to Your approval. Any Commission due to the Partner Agent would be paid out of Our Commission as referred to in Clause 5 of this Agreement, and therefore at no extra cost to You.
- ADVERTISING AND FOR SALE BOARDS
9.1. You authorise Us to advertise at Our discretion details including the address of Your Property, the asking price, photographs and plans of the Property on Our Website, other Websites advertising the sale of properties, magazines, newspapers and in any other such media as We deem in Our sole discretion reasonable in order to achieve a sale of the Property.
9.2. With prior consent from You, We may use marketing materials We have provided in relation to Your Property during and following the Terms of this Agreement.
9.3. If this is a new Home Sale, You will be responsible for the production of sales brochures, graphics and any other sales materials as You deem appropriate which will include Our company logo.
9.4. Your Property will be listed on Our Website (www.AlexMartin.co.uk). If also listed on a Third Party Website portal subject to change, they may not be controlled by Us and We do not guarantee continued presence on these Websites.
9.5. We reserve the right to put up a for sale board with Your permission, in accordance with the Town and Country Planning (Control of Advertisements) Regulation 2007.
9.6. Any specific marketing costs will be agreed and paid upon Our appointment, in addition to any Commission which may become payable in the future.
9.7. We reserve the right to remove the Property’s details from the Website after the Term, or if You are not contactable after a period of 3 (three) months.
- YOUR OBLIGATIONS
10.1 . You warrant that You are either the beneficial owner of the Property and have the necessary authority, power and capacity to enter into this Agreement, or that You have the authority of the beneficial owner to sell or rent the Property on these terms. You authorise Us to carry out the various duties of Property management.
- TERMINATION OF APPOINTMENT
Following the expiry of the Minimum Term, in the event that either party wishes to terminate Our appointment this can be done at any time by either party by written notice being sent to the other in accordance with clause 15 of not less than 30 days.
We may vary these terms at any time upon written notice to You, this variation will not affect any previous agreements for Commission that may have become due prior to the receipt of such notice by You.
- DATA PROTECTIONS
Any notice given in connection with these Terms shall be in writing and may be delivered by hand, pre-paid first class post, special delivery post, facsimile or e-mail to the relevant address as stated in these Terms.
- LAW AND JURISDICTION
These Terms are governed by English Law. Each party hereby submits to the exclusive jurisdiction of the English Courts.
SCHEDULE OF DEFINITIONS
“Average Annual Rent” . means the rent payable for any Lease excluding any rent free period
“Completion Date” . The Commission amount payable to us by You as set out in the Confirmation of Appointment Letter
“Confirmation of Appointment
Letter” . A letter sent by Us confirming your instructions to Us
“Connected Person” . means Nominee, associate, associated company, relative or representative of yours
“Fee” . The commission or remuneration payable by You in accordance with Clause 5.1 and 5.2 payable on the Completion Date
“General Data Protection Regulation” means the European Union’s General Data Protection Regulation that took effect from 25th May 2018.
“Gross Development Value” . The gross revenue for the development of the Site that You expect when You and We conclude this agreement
“New Homes Sale” . shall mean a sale of a Property that is yet to be built or is in the process of construction at the time of your instructing Us
“Minimum Term” . shall mean the Minimum Term specified in our Confirmation of Appointment Letter
“Partner Agent” . The company or person that We appoint to assist Us in carrying out Our duties effectively and that agree the appointment between You and Us hereinabove
“Property” . The Seller’s freehold or leasehold property which is the object of this agreement
“Purchaser” . Any buyer who purchases the Property that We have introduced and who has learned about the Property through Our activity (including advertisements, leaflets and any other verbal or written activity) either directly or through another person whether or not another agent is instructed
“Sale Price” . The final agreed purchase / selling price of the Property
“Seller, You” . The beneficial owner of the Property or person with authority of the beneficial owner of the Property to sell the Property whose name is listed as such above
“We, Us, Our” . Alex Martin Commercial Limited