These Terms of Business set out the basis on which Quick Property Group (we, us, our) will act for you in relation to the sale or letting of the Property (“Terms”). Quick Property Group is the business and trading name used for Quick Rent Properties Ltd.
The Terms of Business set out on the website apply to all sales and lettings instructions whether the instruction is given by the seller/landlord verbally or by email or by signing the Terms of Business. The Terms of Business on a signed contract and on our site are effective and legally applicable once marketed on this site and on other property portals.
We may agree to vary these Terms (including the basis of our appointment and/or rate of our Remuneration). Any variation we do agree will be set out in a letter of authority, which will be forwarded to you later or it will accompany these Terms.
In these Terms the following words shall have the following meanings:
“Asking Price”: the estimated sale price or rental rate which we may specify for a Property on the front sheet of these Terms.
“Letting Services”: the services provided by us set out in Part4.
“Property”: the property or properties set out on the front sheet of these Terms.
“Remuneration”: our remuneration for the Services as set out in Part 5.
“Sale Services”: the services provided by us set out in Part 3.
“Services”: the Letting Services and Sale Services.
Basis of our appointment
You appoint us to be your agents to perform the Services until our appointment is terminated in accordance with these Terms and we agree to accept this appointment.
We are required by law to explain the circumstances under which we are entitled to receive our Remuneration or payment of Expenses in connection with the Services provided under these Terms. Details of our Remuneration and Expenses are set out in these Terms.
Duration of Appointment
Your appointment of us in relation to the sale or letting of a Property on a Sole Selling Rights basis shall be subject to a minimum term of appointment of 6 months (“Minimum Term”).
Your appointment of us in relation to the sale or letting of a Property on a Multi-Agency basis is not subject to a minimum term of appointment.
Termination
Following expiry of the Minimum Term outlined above, our appointment to sell or lease a Property on a Sole Selling Rights basis shall automatically expire unless renewed by you in writing to us for a further agreed period.
On expiry of the Minimum Term (of our appointment on a Sole Selling Rights basis) our appointment shall continue on a Multi-Agency basis.
Termination of our instruction to act on a Multi-Agency basis can take place at any time on the provision of one months’ written notice to us.
For the avoidance of doubt, where we have Sole Selling Rights and are still within the Minimum Term you may serve one months’ notice to terminate our appointment completely. However, such notice will not take effect until expiry of the Minimum Term.
Please note that after our appointment terminates Remuneration may become due and/or Abortive Fees may apply – see Part 5 below.
Where you appoint us to provide the Services the following terms will apply:
Sole Selling Rights
You will be liable to pay Remuneration to us, in addition to any Expenses agreed in each of the following circumstances:
a) If unconditional contracts for the sale or letting of the Property are exchanged in the period during which we have sole selling or leasing rights, even if the purchaser or tenant was not found by us but by another agent or by any other person, including yourself; or
b) If unconditional contracts for the sale or letting of the Property are exchanged after the expiry of the period during which we have sole selling or leasing rights but to a purchaser or tenant who was introduced by us during that period or with whom we had negotiations about the Property during that period.
Multi-Agency
You have appointed a number of estate agents to make introductions for the sale or letting of the Property. You will be liable to pay Remuneration to us, in addition to any Expenses agreed, if unconditional contracts for the sale or letting of the Property are exchanged with a purchaser or tenant who was introduced by us at any time or with whom we had negotiations about the Property at any time. This provision applies whether or not our introduction is an effective cause of the exchange.
Sale to a Tenant
If at any time unconditional contracts for the sale of the Property are exchanged with a purchaser who is the existing tenant of the Property introduced by us, you will be liable to pay the Remuneration on that sale. This provision is in addition to any Remuneration paid on the original letting in accordance with these Terms and applies irrespective of whether your appointment of us was at any time expressed to be solely in relation to the letting of the Property.
We in the provision of the Sale Services will:
a) Use all reasonable care and skill throughout the transaction process;
b) Provide advice on pricing and marketing and seek to find a buyer for your Property at a price that is acceptable to you and in accordance with your instructions; and
c) Unless otherwise agreed, we will report to you in writing all written offers received and verbally all verbal offers received.
Once you have given us instructions to accept an offer on your behalf, we will draw up Heads of Terms and with your approval and place the matter in solicitor's hands.
We will then assist your solicitor, as able, to bring this matter to a successful exchange and completion of contracts.
Unless otherwise agreed, our role in the provision of the Sale Services does not involve:
a) Managing the Property during the period of instruction;
b) Undertaking a survey of the Property (but we will carry out a measured inspection);
c) Undertaking a survey of the mechanical and electrical services at the Property;
d) Undertaking environmental investigations at the Property
e) Carrying out investigations on adjoining properties or the history of the Property; or
f) Undertaking local searches or other enquiries of the Local Authority or investigations on title relating to the Property.
We in the provision of the Letting Services will:
a) Use all reasonable care and skill throughout the transaction process;
b) Provide advice on pricing and marketing and seek to find a tenant for your Property at a rental rate that is acceptable to you and in accordance with your instructions; and
c) Unless otherwise agreed, we will report to you in writing all written offers received and verbally all verbal offers received.
Where you wish us to provide our Letting Management Service for the Property we will provide our separate Letting Management Service Terms and Conditions for your consideration.
Remuneration
All our sales (including commercial lets) which complete are subject to a minimum fee of £3,500 plus VAT unless otherwise agreed.
Our standard rates for the Services are set out on the front cover of these Terms.
For the purpose of these Terms:
a) In relation to the Sale Services, the sale price for the Property includes any payment for fixtures and fittings; and
b) In relation to the Letting Services, the annual rent is the full rent payable by the tenant for the Property exclusive of any letting incentives (such as any rent free period). If we negotiate a stepped rent then the annual rent is taken as the average annual rent for the period, ignoring incentives.
Our Remuneration will be subject to Value Added Tax at the appropriate rate.
Asking Price
You may decide to accept a sale price or rental rate for the Property that is below the Asking Price that we may advise is achievable for the Property.
In this scenario you are still liable to pay our Remuneration on the basis set out in these Terms with no discount to be applied.
By way of example, the Asking Price for the letting of a Property on a Sole Leasing Rights Basis may be £35,000 per annum for a set term with a premium of £100,000 payable on the grant of the lease. The final rental price agreed may be £30,000 per annum with a premium of £90,000 payable. In this scenario the 10% letting fee would still be payable on the £30,000 rental amount and the 5% premium fee on the £90,000 premium.
Abortive Fees
Where we arrange a transaction and you decide not to proceed, then we shall be entitled to make a reasonable charge based upon the time and costs expended in relation to the provision of the Services.
Our abortive fees will be charged on the following basis:
a) £150 per hour (plus VAT) for undertaking viewings. With a typical viewing taking around 2 hours, including arranging the viewing and travel time;
b) £250 per month (plus VAT) for advertising expenses in relation to the Property;
c) £250 (plus VAT) for erecting a “for sale” sign board outside the Property.
d) £150 per hour (plus VAT) for corresponding by email with you and other parties related to the instruction. [With the typical amount of time spent on emails being 4 hours per instruction];
Expenses
We shall be entitled to recover by invoice, out of pocket expenses that are agreed with you and incurred during the transaction process, which will be subject to VAT at the prevailing rate. These may include, but are not limited to, the following:
a) Marketing Costs: sale/letting particulars, advertising, signboards, mail shots, telemarketing, photography, plans, photocopying, agents' receptions and prizes; and
b) Travel and Subsistence: taxis, trains, planes, hotels and mileage at the agreed rate.
(Together “Expenses”)
Invoices will be raised in accordance the marketing proposals we have agreed with you, which may be, as and when the Expenses are incurred, on a monthly basis throughout the duration of the transaction and upon the reconciliation of account following completion of the transaction.
Payment
In relation to the Sale Services, our Remuneration is payable from you on unconditional exchange of contracts for the sale of the Property. We will however arrange for our Remuneration to be collected from the completion funds where possible.
Where contracts are exchanged subject to conditions, 50% of our Remuneration will be payable on exchange with the balance payable on completion. We will however arrange for our Remuneration to be collected from the completion funds where possible.
In relation to the Letting Services:
a) Where occupation is not granted prior to exchange, our Remuneration is payable by you on unconditional exchange of contracts for the letting of the sale of the Property; or
b) Where occupation is granted prior to exchange, 50% of our Remuneration is payable on the date of occupation and the balance either on unconditional exchange of contracts or three months after the date of occupation, whichever is the earlier.
We often deal with complex transactions that are subject to conditions, phasing and deferred completion dates. In these instances we are usually prepared to agree concessionary terms, based on specific targets with dedicated payment dates. If this is likely to be the case you should inform us as soon as possible so that we can discuss concessionary terms. Please note that, if the contract is not concluded due to your failure to meet the conditions, the Remuneration and Expenses charges paid to that date will be non-recoverable.
Interest
Where payment our Remuneration or Expenses is late, interest shall be paid in accordance with the Late Payment of Commercial Debts (Interest) Act 1998, from the due date for payment of our invoices.
If we find it necessary to use solicitors to recover our Remuneration or Expenses you will, in addition, be required to pay any legal costs incurred.
Property Misdescriptions Act 1991
We require that all information about the Property that is provided by you must be to your knowledge complete, correct and not misleading. In particular, in the preparation of all marketing and advertising material which is covered by the Property Misdescription Act 1991, you must check and verify that the information contained within is accurate and cannot be construed as misleading in any way.
Disclosure of Interests
We are required by law to disclose to you and any party involved in the proposed transaction, if Quick Property Group or any of its associated companies, Quick Property Group employees and their spouses and relatives has a personal interest in the Property, the transaction or the parties. Unless specifically referred to in related documentation, then at the time of signing these Terms we are not aware of any such interest. If however, you are or become aware of such an interest then please bring this to our attention immediately.
Provision of other services
Where this transaction leads to an invitation for Quick Property Group to provide a range of further professional services, these will be separately negotiated and will involve a separate fee.
Variation of appointment terms
Variation or termination of the appointment terms must be confirmed and acknowledged in writing between us.
Complaints procedure
Our aim is to provide a service, which matches your expectation and instructions. If you are not happy with any aspect of our service, please let us know as soon as possible. Initially you should speak/write with/to your point of contact and if you would like to make a formal complaint, please write to Dobir Altab at Quick Property Group.
25 Cabot Square (14th floor)
Canary Wharf
London
E14 4QZ
0207 998 1980 / info@quickpropertygroup.co.uk
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