HARRODS ESTATES LIMITED TERMS OF JOINT SOLE BUSINESS RESIDENTIAL PROPERTY SALES 1. INTRODUCTION other chattels plus VAT at the prevailing rate at the date of invoice. 1.1 In this document, the following terms have the following meanings: we (Harrods Estates Limited) are 3.2 You will be liable to pay the Commission to Us if, at referred to as “We” or “Us”; you (our client) are referred any time, during or after the Agency Period, to as “You”; “the Property” or “Your Property” refers to unconditional contracts for the sale of the Property are Your property as described in Your Confirmation of exchanged with a purchaser introduced by Us or any Appointment; “the Commission” and “the Expenses” other nominated Agent during the Agency Period or with refer to the commission and reimbursement of Our whom We had negotiations about the Property during the expenses that We are to receive in accordance with these Agency Period Terms of Business and in Your Confirmation of Appointment; and “the Agency Period” refers to the 3.3 Unless otherwise agreed in writing, the Commission duration of Our appointment as Your agent pursuant to is to be paid out of Your proceeds from the sale of Your clauses 2.3 and 2.4. Property and You must instruct Your solicitor to do so within three working days of completion of the sale of the 1.2 This document sets out the standard terms and property. You irrevocably agree to instruct Your solicitor conditions under which we will act for You as agent in accordingly and by acceptance of these Terms of Business the sale of residential property. you are deemed to have done so. You must advise Us in advance if the completion monies will be insufficient to 1.3 We will, by letter, more particularly describe the discharge legal charges on the property or other services We shall provide to You, and confirm the basis outgoings, in which case an alternative means of paying on which our fee is to be charged and the extent of Your remuneration must be agreed in advance in writing. The liability for specific marketing costs. You will be required Commission shall become due on exchange of contracts to sign and return the accompanying Confirmation of but is to be paid on the date of completion or occupation Appointment to signify Your appointment of Harrods of the Property by the purchaser of it, whichever is the Estates Limited and agreement to these Terms of Business earlier. and Your responsibility for fees and marketing expenses. We will not proceed to market Your Property or incur any 3.4 In the event that You should withdraw from or expenses without Your written instructions. frustrate a proposed sale after a ready, willing and able purchaser (being one who is prepared, willing and able to 2. AGENCY exchange contracts for the purchase of the Property) has been introduced, We reserve the right to charge You all of 2.1 We will act as Joint Sole Agents only. our costs incurred on the marketing of Your property. 2.2 We must be informed of any private approach or 3.5 Notwithstanding anything to the contrary contained offer You receive. In accordance with clause 3, the herein, in the event of a purchaser exchanging contracts Commission will become payable and these Terms of but failing to complete the purchase through no fault of Business will apply to any sale resulting from such offer yours, then you will pay to us our commission as soon as unless a specific arrangement to the contrary is agreed you have been able to forfeit the contractual deposit paid between You and Us in writing in advance. to you by the purchaser. 2.3 Subject to clause 2.4, We will remain instructed to act 4. EXPENSES on Your behalf in respect of the sale of your Property unless and until We have received from You one month’s 4.1 Our commission fees include our general marketing notice in writing of the termination of Our appointment, costs. If additional specific marketing costs have been or You have received from Us at least one month’s agreed with you in advance, the accompanying written notice of Our termination of Our appointment. Confirmation of Appointment will provide an itemised estimate of the cost of any recommended additional 2.4 If either party has committed a serious breach of its marketing expenses. Any outstanding authorised obligations under these Terms of Business, the other shall expenses will be paid on completion and You must be entitled to terminate this appointment immediately by instruct Your solicitor to reserve sufficient additional providing the party in breach with notice in writing to funds as are necessary for this purpose, but We will that effect. charge You for the marketing expenses as We incur them and You will be required to pay them whether or not the 3. REMUNERATION Sale of Your Property is effected during the Agency Period. 3.1 The remuneration payable by You to Us will be the 4.2 In the event that the sale of your Property is not Commission specified in the accompanying Confirmation completed within the Agency Period, any unbilled or of Appointment, expressed as a percentage of the selling unpaid expenses become payable immediately thereafter. price of Your Property including any allowance/ additional sum for fixtures, fittings, carpets, curtains or -1- June 2022 5. VALUE ADDED TAX damage to the Property or its contents (or any of them) at any time whether occupied or unoccupied, except for that VAT at the rate ruling at the date of invoice is payable on which is attributable to Our negligence. the Commission and Expenses, and will be added to the invoices for them accordingly, regardless of Your place of 8.5 Consumer Protection from Unfair Trading ordinary residence. Regulations 2008 – Under the Consumer Protection from Unfair Trading Regulations 2008, We have a duty to ensure 6. OUTSTANDING ACCOUNTS that any representation or description made in respect of properties offered for sale are factually correct. it is a 6.1 Our invoices for the Commission and Expenses criminal offence for an estate agent to make any false or become payable from the date stated on them. misleading statement about a property whether oral or 6.2 In the event that completion has not occurred within 8 written, plans and photographs. We will send You a draft weeks from the date of Exchange of Contracts, any unbilled of the sales particulars for confirmation that all the facts and or unpaid Commission and Expenses become payable details relating to the property are correctly stated and if immediately. You do not return them with corrections amendments or 6.3 We reserve the right to add interest at the rate of 3% notify us that they are incorrect in any aspect, We shall be per annum above the base rate of Barclays Bank Plc from entitled to assume that they are correct. You will inform Us time to time, to any account which remains unpaid 28 days of any changes to the Property, its fittings, services etc or to after the date of the invoice, from the date when due until the locality which may require amendments to the sale the date when paid particulars. 6.4 If We should find it necessary to take any formal action, such as legal proceedings, to recover any unpaid 8.6 Sub-Agents - We reserve the right to instruct sub- sum, You will be required to pay in addition the costs and agents on Your behalf where We consider this to be in Your expenses We reasonably incur in doing so. best interest. This will be at no extra cost to You and We will co-ordinate all viewings and negotiations. 7. RESPONSIBILITY FOR PAYMENT 9. ENERGY PERFORMANCE CERTIFICATE (EPC’S) You, being the person to whom the Confirmation of Appointment is addressed, are responsible for the 9.1 Where legally required, Harrods Estates will arrange an payment of the Commission and Expenses unless the Energy Performance Certificate (EPC) on the property in name and address of a third party who is to be order to cover the compulsory elements stated within the responsible is provided to Us in writing together with regulations for all instructions. We include this cost in our that third party’s written approval of the arrangement. If commission fees unless You exercise your right to cancel You are a company, the individual whose signature this agreement. appears on the Confirmation of Appointment hereby personally guarantees payment of all Commissions and 10. MONEY LAUNDERING REQUIREMENTS Expenses. Under the terms of the Money Laundering Regulations, 8. OTHER MATTERS which came into effect on 26th June 2017, we will require proof of identification for individual owners or for all 8.1 Ownership: You hereby warrant that You are trustees whose name the property is registered in. We shall entitled to sell the Property and that full vacant also require a proof of address, dated within the last three possession will be given on completion unless the months. If the property is owned by a company either UK Confirmation of Appointment refers to tenancies or based or offshore, we will need a Certificate of licences. You must inform Us of any tenancy or licence or Incorporation, Country of Registration, Registered of any claim by a third party of a legal interest in the number, Registered address, List of Property directors/shareholders and name of Ultimate Beneficial Owner. We shall also need Certified Identification and 8.2 Disclosure of Interest: Under the Estate Agents Act proof of address for any Shareholders and Directors. 1979, it is necessary for Us to disclose both to You and any Please be aware that under these regulations we operate purchaser any connection there may be between Us and a money-laundering reporting procedure. These terms You, a family member or other person whether private or are subject to Harrods Estates obtaining satisfactory corporate. We will advise You in writing immediately if information and documentation in order to enable us to We becomes aware of any such connection and You are comply with all KYC and Anti-money Laundering likewise required to advise Us of any known connection of requirements. Harrods Estates will only enter a business that nature. relationship with the Client once we have satisfied our Anti-money Laundering requirements. This 8.3 Occupiers Liability - The occupier of a property is agreement and our business relationship will not required by law to ensure the safety of the people in the come into effect until we have successfully premises. You should ensure that You have appropriate completed our due diligence as required by anti- insurance cover in place at an appropriate level, and should make Yourself aware of your liability in this respect. You money laundering regulations, which we will may wish to consult with your solicitor for this purpose. confirm to you following its successful completion. 8.4 Damage to Property - We accept no liability or responsibility for the maintenance or repair of or for any -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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