HARRODS ESTATES LIMITED TERMS OF MULTIPLE BUSINESS RESIDENTIAL PROPERTY SALES 1. INTRODUCTION additional sum for fixtures, fittings, carpets, curtains or other chattels plus VAT at the prevailing rate at the date 1.1 In this document, the following terms have the of invoice. following meanings: we (Harrods Estates Limited) are referred to as “We” or “Us”; you (our client) are referred 3.2 You will be liable to pay the Commission to Us if, at to as “You”; “the Property” or “Your Property” refers to any time, during or after the Agency Period, Your property as described in Your Confirmation of unconditional contracts for the sale of the Property are Appointment; “the Commission” and “the Expenses” exchanged with a purchaser introduced by Us or any refer to the commission and reimbursement of Our other nominated Agent during the Agency Period or with expenses that We are to receive in accordance with these whom We had negotiations about the Property during the Terms of Business and in Your Confirmation of Agency Period Appointment; and “the Agency Period” refers to the duration of Our appointment as Your agent pursuant to 3.3 Unless otherwise agreed in writing, the Commission clauses 2.3 and 2.4. is to be paid out of Your proceeds from the sale of Your Property and You must instruct Your solicitor to do so 1.2 This document sets out the standard terms and within three working days of completion of the sale of the conditions under which we will act for You as agent in property. You irrevocably agree to instruct Your solicitor the sale of residential property. accordingly and by acceptance of these Terms of Business you are deemed to have done so. You must advise Us in 1.3 We will, by letter, more particularly describe the advance if the completion monies will be insufficient to services We shall provide to You, and confirm the basis discharge legal charges on the property or other on which our fee is to be charged and the extent of Your outgoings, in which case an alternative means of paying liability for specific marketing costs. You will be required remuneration must be agreed in advance in writing. The to sign and return the accompanying Confirmation of Commission shall become due on exchange of contracts Appointment to signify Your appointment of Harrods but is to be paid on the date of completion or occupation Estates Limited and agreement to these Terms of Business of the Property by the purchaser of it, whichever is the and Your responsibility for fees and marketing expenses. earlier. We will not proceed to market Your Property or incur any expenses without Your written instructions. 3.4 In the event that You should withdraw from or frustrate a proposed sale after a ready, willing and able 2. AGENCY purchaser (being one who is prepared, willing and able to exchange contracts for the purchase of the Property) has 2.1 We will act as Multiple Agents only. been introduced, We reserve the right to charge You all of our costs incurred on the marketing of Your property. 2.2 We must be informed of any private approach or offer You receive. In accordance with clause 3, the 3.5 Notwithstanding anything to the contrary contained Commission will become payable and these Terms of herein, in the event of a purchaser exchanging contracts Business will apply to any sale resulting from such offer but failing to complete the purchase through no fault of unless a specific arrangement to the contrary is agreed yours, then you will pay to us our commission as soon as between You and Us in writing in advance. you have been able to forfeit the contractual deposit paid to you by the purchaser. 2.3 Subject to clause 2.4, We will remain instructed to act on Your behalf in respect of the sale of your Property 4. EXPENSES unless and until We have received from You one month’s notice in writing of the termination of Our appointment, 4.1 Our commission fees include our general marketing or You have received from Us at least one month’s costs. If additional specific marketing costs have been written notice of Our termination of Our appointment. agreed with you in advance, the accompanying Confirmation of Appointment will provide an itemised 2.4 If either party has committed a serious breach of its estimate of the cost of any recommended additional obligations under these Terms of Business, the other shall marketing expenses. Any outstanding authorised be entitled to terminate this appointment immediately by expenses will be paid on completion and You must providing the party in breach with notice in writing to instruct Your solicitor to reserve sufficient additional that effect. funds as are necessary for this purpose, but We will charge You for the marketing expenses as We incur them 3. REMUNERATION and You will be required to pay them whether or not the Sale of Your Property is effected during the Agency 3.1 The remuneration payable by You to Us will be the Period. Commission specified in the accompanying Confirmation 4.2 In the event that the sale of your Property is not of Appointment, expressed as a percentage of the selling completed within the Agency Period, any unbilled or price of Your Property including any allowance/ unpaid expenses become payable immediately thereafter. -1- June 2022 8.4 Damage to Property - We accept no liability or 5. VALUE ADDED TAX responsibility for the maintenance or repair of or for any damage to the Property or its contents (or any of them) at VAT at the rate ruling at the date of invoice is payable on any time whether occupied or unoccupied, except for that the Commission and Expenses, and will be added to the which is attributable to Our negligence. invoices for them accordingly, regardless of Your place of ordinary residence. 8.5 Consumer Protection from Unfair Trading Regulations 2008 – Under the Consumer Protection from 6. OUTSTANDING ACCOUNTS Unfair Trading Regulations 2008, We have a duty to ensure that any representation or description made in respect of 6.1 Our invoices for the Commission and Expenses properties offered for sale are factually correct. it is a become payable from the date stated on them. criminal offence for an estate agent to make any false or 6.2 In the event that completion has not occurred within 8 misleading statement about a property whether oral or weeks from the date of Exchange of Contracts, any unbilled written, plans and photographs. We will send You a draft or unpaid Commission and Expenses become payable of the sales particulars for confirmation that all the facts and immediately. details relating to the property are correctly stated and if 6.3 We reserve the right to add interest at the rate of 3% You do not return them with corrections amendments or per annum above the base rate of Barclays Bank Plc from notify us that they are incorrect in any aspect, We shall be time to time, to any account which remains unpaid 28 days entitled to assume that they are correct. You will inform Us after the date of the invoice, from the date when due until of any changes to the Property, its fittings, services etc or to the date when paid the locality which may require amendments to the sale 6.4 If We should find it necessary to take any formal particulars. action, such as legal proceedings, to recover any unpaid sum, You will be required to pay in addition the costs and 8.6 Sub-Agents - We reserve the right to instruct sub- expenses We reasonably incur in doing so. agents on Your behalf where We consider this to be in Your best interest. This will be at no extra cost to You and We 7. RESPONSIBILITY FOR PAYMENT will co-ordinate all viewings and negotiations. You, being the person to whom the Confirmation of 9. ENERGY PERFORMANCE CERTIFICATE (EPC’S) Appointment is addressed, are responsible for the payment of the Commission and Expenses unless the 9.1 Where legally required, Harrods Estates will arrange an name and address of a third party who is to be Energy Performance Certificate (EPC) on the property in responsible is provided to Us in writing together with order to cover the compulsory elements stated within the that third party’s written approval of the arrangement. If regulations for all instructions. We include this cost in our You are a company, the individual whose signature commission fees unless You exercise your right to cancel appears on the Confirmation of Appointment hereby this agreement. personally guarantees payment of all Commissions and Expenses. 10. MONEY LAUNDERING REQUIREMENTS 8. OTHER MATTERS Under the terms of the Money Laundering Regulations, which came into effect on 26th June 2017, we will require 8.1 Ownership: You hereby warrant that You are proof of identification for individual owners or for all entitled to sell the Property and that full vacant trustees whose name the property is registered in. We shall possession will be given on completion unless the also require a proof of address, dated within the last three Confirmation of Appointment refers to tenancies or months. If the property is owned by a company either UK licences. You must inform Us of any tenancy or licence or based or offshore, we will need a Certificate of of any claim by a third party of a legal interest in the Incorporation, Country of Registration, Registered Property number, Registered address, List of directors/shareholders and name of Ultimate Beneficial 8.2 Disclosure of Interest: Under the Estate Agents Act Owner. We shall also need Certified Identification and 1979, it is necessary for Us to disclose both to You and any proof of address for any Shareholders and Directors. purchaser any connection there may be between Us and Please be aware that under these regulations we operate You, a family member or other person whether private or a money-laundering reporting procedure. These terms corporate. We will advise You in writing immediately if are subject to Harrods Estates obtaining satisfactory We becomes aware of any such connection and You are information and documentation in order to enable us to likewise required to advise Us of any known connection of comply with all KYC and Anti-money Laundering that nature. requirements. This agreement and our business relationship will not come into effect until we have 8.3 Occupiers Liability - The occupier of a property is successfully completed our due diligence as required by law to ensure the safety of the people in the required by anti-money laundering regulations, premises. You should ensure that You have appropriate insurance cover in place at an appropriate level, and should which we will confirm to you following its make Yourself aware of your liability in this respect. You successful completion. may wish to consult with your solicitor for this purpose. -2- June 2022 11. YOUR RIGHT TO CANCEL- You have the right to cancel this agreement within 14 days of signing this agreement, without giving reason. The cancellation period will expire after 14 days from the day You sign this agreement. To exercise your right to cancel, you must inform us of your decision to cancel this agreement by post or email. Should You exercise your right to cancel, We will be entitled to charge You for any costs incurred, up until cancellation, for example : for the preparation of marketing material, professional photography, EPCs and preparation of brochures and advertisements. You may also be required to pay our commission fee if we have introduced a purchaser to your Property prior to you serving your notice of cancellation. 12. THE PROPERTY OMBUDSMAN – Harrods Estates are a member of The Property Ombudsman scheme (TPO) www.tpos.co.uk 13. DATA PROTECTION - Harrods Estates will use your Personal Data to deliver services as your Agent. In addition, where you have consented it will use your Personal Data to contact you with marketing communications. You can opt out of marketing communications at any time by contacting Harrods Estates. Harrods Estates will retain your data for a year after your instruction to Harrods Estates has come to an end. Harrods Estates will carry out identity checks on you as part of its anti-money laundering compliance obligations. To find out more about these checks, please contact Harrods Estates. Failure to provide your Personal Data may result in Harrods Estates being unable to act as your agent. For more information about how Harrods Estates handles your Personal Data, you may find Harrods Estates Privacy Policy on our Harrods website. 14. GENERAL 14.1 Variation - Variations to these Terms of Business will only be valid if agreed in writing. 14.2 Binding Effect, Interpretation and Jurisdiction - Acceptance of these Terms and of Business is a binding legal agreement in accordance with English law and any dispute arising in respect of them shall be subject to the exclusive jurisdiction of the English courts. HARRODS ESTATES LIMITED Registered Office: 87/135 Brompton Road, London, SW1X 7XL. Registered in England No. 0935993 -3- June 2022 HARRODS ESTATES LIMITED TERMS AND CONDITIONS OF BUSINESS SALES SERVICE Cancellation Form If You decide to cancel this Agreement during the cancellation period (if it applies), You must do so in writing by carrying out one of the actions below: 1. complete and return the attached cancellation notice by delivering or sending it by first class post or email to: Harrods Estates Limited, 82 Brompton Road, London SW3 1ER enquiries@harrodsestates.com OR 2. Providing the same details in writing to: Harrods Estates Limited, 82 Brompton Road, London SW3 1ER Your cancellation notice takes effect as soon as it is posted or sent. Complete, detach and return this form ONLY IF YOU WISH TO CANCEL THIS AGREEMENT --------------------------------------------------------------------------------------------------------------------------------------------------- To: Address: Email: I/We hereby given notice that I/we cancel my/our agreement for you to sell my/our property at: (property address)…………………………………………………………………………………………………………… PLEASE NOTE: ALL VENDORS NEED TO SIGN TO CONFIRM A CANCELLATION. Signed (by all persons forming the Vendors): Print Name(s): Address: Date: June 2022
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