Terms and Conditions of Business
Our standard terms and conditions of business are set out below:
To instruct us you must sign and return to us a copy of the accompanying letter which may vary these terms and will explain how our sale fee is calculated and detail other costs and charges. All references to “we”, “us” or “our” is to NEWINGTON LONDON ESTATES LIMITED and any joint agent and reference to “you” is to the client as identified in paragraph 1 below.
1. Our Obligations
We shall use all reasonable endeavours to sell the Property in accordance with your instructions at the asking price which you may instruct us you wish to obtain from time to time. We may offer the Property to other clients if we consider they may be interested. We shall communicate all offers to you as soon as possible after they are received.
2. Responsibility for Payment of Fees, Costs and Charges
2.1 The person signing the accompanying letter is responsible for payment of our fees, costs and charges. By signing the accompanying letter, you warrant that you are the beneficial owner of the Property. If the Property is beneficially owned by more than one person and the accompanying letter has not been signed by all such persons, you are warranting that you are acting with their full authority to bind them.
2.2 Where the Property is owned by a company, each person signing the accompanying letter personally guarantees payment by the company of our fees, costs and charges.
Instructions are accepted on the following basis:-
3.1 Sole Selling Rights
You will be liable to pay fees and expenses to us as detailed in our accompanying letter in addition to any other costs or charges agreed in each of the following cases:-
a) If unconditional contracts for the sale of the Property are exchanged in the period during which we have sole selling rights even if the buyer was not found by us but by another a gent or by any other person including yourself.
b) If unconditional contracts for the sale of the Property are exchanged after the expiry of the period during which we have sole selling rights but to a buyer who was introduced to you during that period with whom we have negotiations about the property in that period.
Our appointment as your agent with sole selling rights will continue after the agreed period unless terminated by either party in writing by fourteen days written notice. Upon such termination we will continue to act under a multiple agency unless otherwise agreed.
3.2 Sole Agency
You will be liable to pay fees and expenses to us as detailed in the accompany letter in addition to any other costs or charges agreed if at any time unconditional contracts for the sale of the Property are exchanged:-
a) With a buyer introduced by us during the period of our sole agency or with whom we had negotiations about the property during that period or
b) When a buyer introduced by another agent during that period.
Our appointment as your sole agent will continue after the agreed period unless terminated by either party in writing by fourteen days written notice. Upon such termination we will continue to act under a multiple agency unless otherwise agreed.
3.3 Multiple Agency
You will be liable to pay fees and expenses to us as detailed in the accompanying letter in addition to any other costs or charges agreed in the event of a buyer being introduced through us who subsequently exchanges an unconditional contract for the sale or letting of the Property during the period of our agency or within the twelve months after its cessation with a party introduced during that period.
4. Fees and Expenses
4.1 You will pay us fees and expenses as agreed and as are confirmed in our accompanying letter. Our fees and expenses are subject to VAT at the rate current at the date of our invoice.
4.2 Our fees are calculated as a percentage of the sale price achieved which includes any amounts paid or apportioned in respect of fixtures, fittings and chattels and also any payments made by the buyer to any third party which are related to the sale of the Property whether directly or indirectly.
4.3 We shall submit our fee note on the earlier of exchange of contracts or the date of occupation by the buyer or lessee. Payment shall be due on exchange of contracts. As a concession we will usually accept payment being delayed until completion provided that you irrevocably instruct and authorise your solicitors to send us our fees and expenses out of the proceeds of sale.
4.4 In the event that we introduce to you a buyer who is ready willing and able to complete in accordance with your instructions but you subsequently withdraw then you will be liable to pay to us one half of our agreed fees and expenses. Our invoice will be rendered within 28 days of the date of your withdrawal.
4.5 If you instruct us to deal with a proposed assignment, letting or sub-letting of the whole or part of the Property and the matter then proceeds by way of a surrender of your Lease, fees and expenses will be
payable to us as mentioned above on completion of such surrender or your giving up possession of the Property to the Landlord (which ever is the earlier).
4.6 In the event that you terminate our agency before the expiry of the agreed period, you will become liable to pay to us immediately all our expenses including advertising costs.
4.7 All invoices rendered for fees and expenses shall be paid in full on the earlier of:-
a) Completion of the sale or letting.
b) The taking of possession by the buyer or lessee or anyone on his behalf.
c) Twenty-eight days from receipt of our invoice.
4.8 In default of payment as mentioned above interest will be payable at the rate of 4% per annum above National Westminster Bank Plc base rate for the time being in force from the date when payment should have been made to the date of payment.
5. Sub-Agents and Other Agents
5.1 We shall be entitled to circularise other agents where will consider this will assist in the sale of the Property and also to sub-instruct another agent and reserve the right to share our fees with them.
5.2 Where there is a joint agent instructed in respect of the Property you will be responsible for agreeing the terms of the appointment and the amount of their remuneration. We will not be responsible for payment of any remuneration to any joint agent unless expressly agreed.
5.3 If you have instructed us on a sole selling rights or sole agency basis then during the period of our agency you will not allow any other agent access to the Property.
6. Private Buyers
If you regard any persons as private buyers you must notify us of their identity within seven days of your written instructions. This list will be definitive and any other persons introduced during the term of our agency will not be regarded as a private buyer.
7. Related Services
We reserve the right to provide prospective buyers with services from which we may derive financial or other benefits. This may include the sale or letting of any property of any prospective buyer. We will use our reasonable endeavours to notify you if these circumstances arise.
The Town and Country Planning Regulations permit the display of only one “For Sale” board at each property. To comply with such regulations you agree not to allow the display or any other such board whilst our board is displayed.
9. Unoccupied Property
We accept no liability or responsibility for the maintenance or repair of or any damage to the property whilst unoccupied. You should take all necessary action to protect the Property from such risks and to insure against them.
10. Verification of Information
Under the Property Mis-descriptions Act 1991 it is a criminal offence for an Agent to make inaccurate or misleading statements about property. You will be asked to verify certain information and must do so to the best of your knowledge and ability.
Under the Money Laundering Regulations we are required to obtain evidence of your identity and proof of address. In order to comply, we shall require you to supply to us as soon as practicable such evidence as is set out in the accompany letter.
12. Home Information Pack (“HIP”)
By law we are prohibited from marketing any property until a HIP has been ordered and an Energy Performance Certificate received. We will give you our full assistance but ultimately it is your responsibility to obtain and pay for a HIP relating to the Property.
In these terms and conditions:
1. “Person” shall include any company, partnership and/or other legal entity. 2. “Buyer” shall include any person, company, partnership or other entity or any kind in which any person introduced by us is interested or associated. 3. “Unconditional Contract” shall include any contract which is subject to conditions which are complied with or with which the parties agree (informally or formally) should not be enforced or complied with. 4. The singular shall include the plural and the masculine shall include the feminine and in each case vice versa.
English law shall apply to these terms and conditions in all respects and both you and us shall submit to the jurisdiction of the High Court of England and Wales in all respects.
Any dispute or difference between you and us in connection with these terms and conditions or the accompanying letter shall be referred to and determined by a sole arbitrator to be appointed by agreement by instructing the president for the time being of the Royal Institution of Chartered Surveyors acting as an expert whose decisions shall be final and binding.