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commercial Terms and Conditions
Terms of Business - Sole | Multi | Joint Letting.

1 INSTRUCTION

1.1
On receipt of your written instruction, Final Eyes Limited trading as 123let.com will act as either Sole/joining/multi agent(s) in the letting/Sale of your property.

We are required by Section 18 of the Estates Agents Act 1979 as amended by the "Estate Agents (Provision of Information) Regulations- Statutory Instrument 859- 91" to give you full details of our terms of business in writing.  If you find any discrepancies, disagreements, errors or omissions in this document please inform us immediately both verbally and in writing.

123let.com will endeavor to let/sell the premises. Our schedule of service is as follows:

•Inspect your property and prepare property particulars
•Provide competitive market analysis / reports to help you set / seek an appropriate level of rent /sale value and type of occupation agreement / tenancy or sale contract - these analyses / reports are not valuations and should not be construed as such.
•Provide you with marketing recommendations
•Market the property with a web-site listing and signboard, direct marketing and further advertising as appropriate
•Show the property to prospective occupiers / tenants and make arrangements for prospective occupiers purchasers /tenants to view the property
•Negotiate with prospective occupiers / tenants
•Take and provide 2 references in respect of prospective occupiers tenants
•Liaise with solicitors and then assist generally to bring the matter to agreement and conclusion

We do not give legal advice and no member of our staff is permitted to give such advice.

2 ESTATE AGENTS ACT 1979 (As amended)

2.1
In accordance with the Estate Agents Act 1979 (as amended) we are obliged to point out that our appointment is to act as either sole/multi/joint letting agent.

2.2
Under the Estate Agents Act 1979 if any of the terms "sole selling rights"/"joint letting rights"/"multi letting rights" and "ready, willing and able party" are used during the course of business, the intention and effect of those terms are as follows:

2.3
"SOLE SELLING RIGHTS"

You will be liable to pay remuneration, in addition to any other costs or charges, if at any time unconditional contracts for the property are exchanged.

With a party introduced by 123let.com during the period of our appointment or with whom we had negotiations about that property during that period.

OR

With a party introduced by another agent or any other person including yourself during that period.

2.4
"JOINT LETTING RIGHTS"

You will be liable to pay remuneration to us, in addition to any other costs and charges, if at any time unconditional contracts for the property are exchanged: With a party introduced by 123let.com or Joint agent during the period of our appointment or with whom we had negotiations about the property during that period.

OR

With a party introduced by another agent of any other person including yourself during that period.

2.5
"MULTI LETTING RIGHTS"

You will be liable to pay remuneration, in addition to any other costs and charges, if at any time unconditional contracts for the property are exchanged:

With a party introduced by 123let.com during the period of appointment or with whom we had negotiations about the property during that period.

2.6
"READY WILLING AND ABLE PARTY"

2.6.1
A party is "ready, willing and able" if he / she is prepared and is able to exchange unconditional contracts for the acquisition of a client's property

2.6.2
You will be liable to pay a remuneration of not less that 100% of the agreed fees to 123let.com (to be split with Joint Agent if applicable) in addition to any other costs and charges agreed, if such party is introduced in accordance with your instructions. This must be paid even if you subsequently withdraw and unconditional contracts are not exchanged.

3 SUB AGENT

Unless you instruct us otherwise, in certain circumstances, we reserve the right to appoint other estate agents to act as our Sub-Agents. All appointments and negotiations will be conducted solely through our offices, unless otherwise stated.

If we believe it will assist in selling your property and unless you instruct us otherwise, we may disclose such information about the property as we consider appropriate.

4 BASIS OF FEE

4.1
Letting(s)

For letting the whole or any part of the property on a Sole or Multi Agent basis the fee payable to 123let.com will be 10% of the agreed annual headline rental. Where a Joint Agent has been instructed the fee will be 15% of the agreed annual headline rental, to be split equally between 123let.com, unless stated otherwise.

In the case of stepped rents the agreed annual rental will be the average annual rental over the first 3 years of the term.  For avoidance of any doubt any rent free periods do not affect the headline rental.

5 MARKETING COSTS AND EXPENSES

The fees outlined above do not include agreed marketing costs and expenses.

5.1
Marketing costs are payable in advance upon your approval of our proposed marketing budget and prior to the outset of the marketing campaign.

5.2
As agreed, we will provide you with marketing recommendations and a budget for your approval. We will cover standard marketing costs, which will include the following:

Board
Printing/ Packaging / Postage for mail out
Copying of plans / reprographics

Any other expenses will be invoiced on a periodic basis but will only be agreeing extra costs. Wherever possible, these will be invoiced directly to you by the supplier.

6 FEES

The fees outlined above are payable as follows:-

6.1
The fee and any outstanding expenses will be paid upon completion or two weeks after exchange of contracts, whichever is sooner.

6.2
Where agreements to lease are exchanged then 50% of the fee, and any outstanding expenses that are due, will become payable on the date of exchange.  The balance of the fee together with any outstanding expenses will become payable on completion of the lease or the date of possession by the tenant / purchaser whichever is sooner.

6.3
By instructing us as your agent, you irrevocably authorise your solicitor to pay our fees at completion of our instruction.

7 PAYMENT OF INVOICES

Payment is dues within 14 days of the invoice date.

We reserve the right to charge interest at 2% above base-lending rate of Natwest Bank Plc on any fees or expenses outstanding after 14 days from the date on the invoice.

8 EXCLUDED SERVICES

8.1
The agreed fee does not include additional services, which will be invoiced to you on a separate basis, if applicable and agreed.

These include:

Schedule of Condition
Space Planning
Space Audit
Financial Analysis of prospective lessees existing property liabilities
Special project research
Buildings Services (incl. dilapidations advice and surveys)

9 OFFERS RECEIVED

Unless agreed otherwise, all offers, either written or verbal, will be reported to you in writing or via email.

10 PROPERTY MISDESCRIPTIONS ACT 1991

10.1
Prior to the commencement of the marketing campaign you will provide us with all accurate information about the property and your interest in it. This information will include full details with documented evidence of ownership and of any rights, obligations, benefits and restrictions. Liabilities and outgoings and anything else, which may affect the accuracy of our description of the interest, you wish to market. We will look to you to approve lettings particulars we prepare. We rely on the information you provide and rely upon you to update us with the information affecting property description.

11 EMPTY PROPERTY

When acting as sale agents in respect of empty property we are not to be held responsible for any security, deterioration of the fabric and / or services unless explicitly agreed in writing. Where we hold keys to premises these may be loaned out to prospective purchasers and whilst every care will be exercised we are unable to take responsibility for the action of third parties.

12 TERMINATION OF AGREEMENT

This agreement shall be for an undetermined period from instruction and can only be terminated by 28 days prior written notice by either party. In the event that you decide not to proceed with the disposal of the property, or withdraw our instructions, our services up to the time of termination will be charged on a fair and proper basis, together with all outstanding expenses, properly incurred to date in seeking to fulfill your instruction. Should the contract be terminated, 123let.com (and joint agent where applicable) fees for the introduction of a Party who eventually leases part or all of the property will remain on the basis as outline in Section 4 above.

If a company with whom this agreement is made ceases to exist and there is a parent company, the parent company will automatically become liable for all outstanding fees and expenses will act as either Sole/joining/multi agent(s) in the letting of your property.


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