AGENCY AGREEMENT - TERMS OF ENGAGEMENT 

NOTE: These TERMS OF ENGAGEMENT are believed to comply with the requirements of Section 18 of THE ESTATE AGENCY ACT 1979 and the ESTATE AGENTS (PROVISION OF INFORMATI0N) REGULATION 1991. 

1. I am the owner or one of the joint owners with authority to act on their behalf to sell the above property with full vacant possession on completion of the sale. 

2. 1/We appoint Howards Estate Agents to act as agents in respect of the sale of the freehold/leasehold of the above property for a period of 10 weeks at an initial asking price to be agreed at the time of inspection. Future variations to this price will not effect the Terms of Agreement.

3. 1/We understand that the rate of sales commission agreed is as agreed with our valuer as a percentage of the final negotiated contract price plus VAT at the prevailing rate.

4. Where a sole agency agreement is agreed, the sole agency agreement will continue after this period until terminated by either party giving 7 (seven) days written notice. During the period of sole agency the vendor will not instruct any other agents to sell the property.

5. 1/We understand that should this agency then act on a multiple agency basis (one or more other estate agents being instructed in addition to this agency), then the rate of sales commission would be the previously agreed multi-agency percentage of the final negotiated contract price plus VAT at the prevailing rate. 

6. 1/We understand that under the terms of any sole agency agreement, commission becomes due on unconditional exchange of contracts with a purchaser introduced by this agency, however, our account is payable within seven days of completion and is usually settled by our solicitor or conveyancer following our authority. 

7. Instructions are accepted on a "no sale, no fee" basis. 

8. 1/We also understand that if an applicant is directly or indirectly introduced to the property within the continuance of this agreement and then proceeds to purchase the property within six months of the termination of the agreement, the full commission plus VAT at the prevailing rate will become payable.

9. 1/We understand you will erect a FOR SALE board for which I/we confirm you have my/our permission, unless I/we have requested otherwise at the time of instruction.

10. Unless requested otherwise by yourself, upon agreeing a sale to a prospective purchaser, we will continue to offer your property on the open market until such time as contracts are exchanged.

11. The agency normally offers all applicants/prospective purchasers and prospective purchasers within house chains, its full range of estate agency and professional services including the valuation of their present property and a sale service. Further fees/commission may be derived from these events.

12. The agency may earn a commission from an insurance company if successful in providing financial services to you, your purchaser, or anyone involved in a house chain that may result. Our involvement in this sphere should help us to follow the progress of a sale.

13. We will have no management, maintenance, security or insurance responsibility for the property or contents unless separately agreed in writing between us.

SOLE AGENCY As defined by the Department of Trade and Industry 1991. 

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 negotiations about the property during the period, or with a purchaser introduced by another agent during that period.

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