Terms & Conditions of Business: John Thorogood

TERMS OF BUSINESS

Under the terms of the Estate Agents Provision of Information Regulations 1991, we are obliged to set out our Terms of Business to you, in writing, at the earliest opportunity.

SOLE AGENCY

You will be liable to pay remuneration to us in addition to any other costs or charges agreed, if at any time, unconditional contracts for the sale of the property are exchanged with a purchaser introduced by us during the period of our sole agency, or with whom we had discussions about the property during that period, or with a purchaser introduced by another agent during that period. There is a minimum contract term of eight weeks. From any point onwards after six weeks, if you wish to alter the agency arrangement in any way, we will require two weeks written notice.

JOINT SOLE AGENCY

You will be liable to pay remuneration to us in addition to any other costs or charges agreed, if at any time, unconditional contracts for the sale of the property are exchanged with a purchaser introduced by either of the joint sole agents during the period of our joint sole agency, or with whom we had discussions about the property during that period. The commission will be shared between the joint sole agents at their discretion.

MULTIPLE AGENCY

Commission will be payable on the above basis notwithstanding that following the introduction of the purchaser by us, our instructions are withdrawn and/or the purchaser has been re-introduced by another party.

THE CLIENT

By instructing us to act you:

	a)	Become our client and are personally liable to pay our fees and any agreed costs.
	b)	Warrant that you are able to give us instructions to act in the sale

PERSONAL INTEREST

We are under a legal obligation to disclose any potential interest, in writing, of any person connected with John Thorogood Real Estate Agency with regard to a purchase of your property. If such a situation arises we will inform you immediately, but please let us know if you become aware of such an interest arising. We may be involved in the sale of your purchaser's property and may be paid a fee accordingly.

MONEY LAUNDERING

Due to the anti money laundering legislation, we are obliged to report any report any knowledge or suspicion of money laundering to NCIS (National Criminal Intelligence Service). According to these same regulations, we also cannot commence marketing of your property, should you instruct us, until we receive back the following documents.

	•	A photocopy of your passport (page where picture and identity details are displayed)
	•	A photocopy of a recent utility bill (last 3 months) as proof of address

PROPERTY MISDESCRIPTIONS ACT 1991

The "PMA 1991" prohibits the making of any false or misleading statement; whether written, verbal or photographic about the property. We would seek your understanding and co-operation in achieving this objective. If you are aware at any time of a potential misdescription, please inform us immediately.

BOARDS

Should you instruct us to erect a "For Sale" board at the property, we would advise you that under current legislation, only one board per property is permitted. If more than one board is displayed both you, as vendor, and ourselves could be liable for a fine of up to £400.

EXPENSES

If during the period of our agency you accept an offer which is placed in the hands of solicitors and you subsequently withdraw from the transaction, we will make a charge of £750 + V.A.T. in order to cover a proportion of our costs and marketing expenses. Should you then sell this property through this company at a later date, we would deduct this amount from our eventual fee. We may decide to waive this clause in the event of unforeseen circumstances such as serious accident or an Act of God.

PRIVATE BUYER

Should you be aware of any potential private buyers you should let us know in writing at the time of instruction. Thereafter you must pass on to us any private approach so that we may negotiate with them on your behalf.

SUB AGENCY

We have a good working relationship with other reputable agents in the area and may consider inviting their co-operation in order to effect the best possible sale on your behalf. Please let us know if you do not wish us to approach any particular agents in this way.

FEE STRUCTURE

OUR RATES FOR SOLE, JOINT SOLE AND MULTIPLE AGENCIES CAN BE DISCUSSED WITH SALES MANAGER AUSTIN THOROGOOD.

We find that a performance related fee structure on a sliding scale basis dependent on price achieved and possibly with a time element built in, is becoming more popular with many clients. Should you wish to discuss this possibility further we will be happy to do so.

Our fees will become payable upon exchange of contracts but payable from the proceeds of sale by your solicitor upon completion. You must give your solicitors instructions to pay us any sums due out of the proceeds of sale, upon completion. You must inform us should you become aware of any circumstance whereby the net proceeds of sale might be insufficient to pay our fees in full.