PROPERTY SOURCING AND CONSULTATION AGREEMENT –
IT IS AGREED AS FOLLOWS:
1 Appointment of Agent
1.1 The Principal hereby appoints the Agent, and the Agent hereby accepts such appointment, as a consultant with the purpose of providing advise on how to buy property in
2.1 The Agent will in the normal course of service:
(a) to act dutifully and in good faith; and
(b) using its knowledge of the property market and its association with developers and estate agents and other sources, seek out quality personal or investment property for sale with the aim of sourcing the most appropriate property for the Principal taking into account the purpose the property is required for; and
(c) negotiate with developers and/or estate agents with regard to sale price of property; and
(d) provide all the telephone and email consultation required in order to secure the purchase of a property in Estonia for up to 90 days after signing of this agreement or until a property has been purchased, whichever is sooner.
3.1 Fees
Fees are payable to the Agent by the Principal. The fee is £995 (refundable against your first property purchase) for the first part of the consultation fee. The fee for your first property reservation is £1,995 (less your £995 initially paid) or 2% commission (whichever is the greater) upon reservation of a property sourced by the Agent. The £995 shall become due on initial instruction of services. The £1,995 (less your £995 initially paid) or 2% commission (whichever is the greater) shall become due on reservation of an apartment and will be paid for by cheque or bank transfer on the day of reservation. The fees payable and payment terms can only be varied by the written agreement of both parties.
For each additional property purchased after the first one, the Principal will be liable to pay an additional £1,995 or 2% commission (whichever is the greater).
The Principal will be liable to pay these fees if the property that they (or associated person or company) purchase is a property which was sourced, introduced or identified by the Agent pursuant to this agreement or a property on a development sourced, introduced or identified by the Agent.
3.2 Return of fees
The £995 fee would be refunded to the Principal only in the circumstances where the Agent was unable fulfil the property services promised.
The £1,995 or 2% comission (whichever is the greater) is only payable once the property is reserved by the Principal or by an associate of the Principal. This amount is only refundable to the client if the developer/seller withdraws the property from the market.
The Agent admits no liability with regards to finance options or other aspects offered by 3rd party suppliers not under the control of the Agent.
3.3 Payment of Reservation Deposit
Upon finding a suitable property, the Principal is required to pay the fee as reservation deposit in order to secure the property and have it removed from the market.
This fee will only be refunded to the client if the developer/seller withdraws the property from the market.
It will be agreed that a meeting will take place to sign Preliminary contracts for the chosen property.
If this does not happen within 21 days then the Agent reserves the right to re-allocate the reserved unit to another investor or not.
3.4 Termination
(a) The Principal may terminate this agreement by giving the Agent 2 months notice in writing.
(b) The Agent may terminate this Agreement by giving the Principal 2 months Notice in writing.
(c) For the avoidance of misunderstanding however, if the Principal subsequently purchases any property which was sourced by the Agent, the Principal will be liable to pay the full fee, set out in Clause 3.1.
4.1 This agreement shall remain in force until cancelled pursuant to clause 3 above.
4.2 Notwithstanding clause 4.1, this Agreement shall be terminable forthwith by the Agent, without prejudice to the antecedent right and/or obligations of either party
To this agreement, if the Principal:
(a) proposes to enter or enters into any composition or arrangement with his creditors generally or an class of his creditors; or
(b) being c company or corporation is the subject of a petition presented or an order made or a resolution passed or analogous proceedings taken for appointing an administrator of or winding up such company; or
(c ) being an individual or a firm is the subject of a ankruptcy petition or bankruptcy order or an application or order to appointment under the Insolvency Act 1986 Section 253 or Section 273 or Section 286.
5.1 Neither the Agent nor any party associated with the Agent gives any warranties or Representatives in connection with any properties. The Principal must satisfy itself as to the correctness and accuracy of any information provided.
5.2 Neither the Agent nor any party associated with the Agent guarantees that any Property is fit for purpose nor guarantees any rental incomes, increase in valuations or profit.
5.3 Neither the Agent nor any party associated with the Agent shall have any liability for any consequential loss. Except in respect of death or personal injury resulting from negligence, the Agent shall only be liable to the Principal for direct loss, whether such loss results from a breach of this agreement or otherwise.
5.4 Notwithstanding clause 5.2, the total liability of the Agent for any loss of the Principal arising in any year of this agreement, whether in respect of one event or A series of events, shall be limited to and shall not exceed the aggregate of the Fees payable during that year pursuant to clause 3.1.
6.0 Interest and late payment or non-payment by the Principal
6.1 In the event of late payment or non-payment of any sums owed by the Principal to The Agent pursuant to this agreement, the Principal hereby agrees that the Agent is entitled to charge interest, at a rate of 4% per annum above the base lending rate of National Westminster Bank Plc, on all sums outstanding, from the date such sums become due, until such sums (including costs of recovery, legal fees etc) have been received by the Agent and until such debts have been satisfied in full (both before and after judgment).
7.0 The Principal hereby acknowledges that:
(a) The Agent is not responsible for any failure of any property sourced Pursuant to this Agreement to achieve any financial performance expectations; and
(b) The Agent will not be held responsible for any nformation or errors in information provided by the Agent to the Principal in relation to finance, or for any names of contacts provided by the Agent to the Principal for the purposes of obtaining finance; and
(c) the Agent is not responsible for the quality of legal advice and services that are provided by the selected lawyer and the Principal acknowledges and accepts that it is his responsibility to ensure that the lawyer communicates with the Principal and respresents the Principal’s interests fairly and effectively and that the Principal is free to negotiate alternative terms of engagement with the selected lawyer and that any additional expense resulting from that negotiation would be the responsibility of the Principal.
8.0 Partnership or agency
8.1 Nothing in this Agreement shall be deemed to constitute a partnership or joint venture between the Parties.
8.2 Nothing contained in this Agreement shall authorise any Party to act as agent or Representative of any other Party or to authorise any Party to assume or create any obligations on behalf of any other Party, except as expressly provided for in this agreement whatsoever including any implied under statute or by common law by the principal/agent relationship.
By reading this Agreement, you hereby agree to be bound by its terms.