TERMS AND CONDITIONS OF BUSINESS RESIDENTIAL SALES

• INTRODUCTION
  
  The Estate Agents Act 1979 (and Estate Agents Regulation 1991) requires Agent's terms of business to be confirmed In writing.This document sets out the standard terms under which Edgware Properties Ltd will act for vendors as agents in the sale of residential property and will be presented to the vendor prior to completion of the accompanying confirmation of Agency Terms document. The specific terms relating to the vendors property will be set out in detail in an accompanying Confirmation of Agency Terms document which the vendor is required to sign and return as acceptance of both standard and specific terms of business. Upon receipt of document, Edgware Properties Ltd will commence marketing the property.

• PROPERTY DETAILS
  Edgware Properties Ltd property details are prepared to comply with the property Misdescription Act (1993).

• FEES
  The person(s) to whom the Confirmation of Agency Terms documents is addressed is responsible for the payment of fees and expenses unless it is clearly stated,in writing that a third party is responsible if this is the case, the name and address of the third party must be disclosed and they must be given written confirmation of such an agreement to Edgware Properties LtdIn consideration of our agreement to sell the property on behalf of a company and as part of that agreement, the individual to whom the document is addressed will be responsible for the full settlement of all fees and expenses due to Edgware Properties Ltd.Commission is payable in the event of Edgware Properties Ltd introducing or negotiating, directly or indirectly a sale to an applicant during the period of their agency who exchanges contracts on the purchase of a clients property. It is payable upon the total sale price to include any additional sum agreed for carpets, curtains, fixtures, furniture or equipment included in the sale. Should Edgware Properties Ltd be instructed with one or more other agents then the commission payable will be at the multiple rate, whether or not the other agent(s) are subsequently disinstructed. If a purchaser exchanges and yet fails to complete. Edgware Properties Ltd will be entitled to charge half the agreed fee(as well as any outstanding expenses) in the event of the vendor retaining the purchaser's deposit monies.

• 4. METHOD OF PAYMENT
  Our fee is due on exchange of contracts at which time we will submit our accounts to your solicitor for our payment together with any outstanding expenses. After exchange of contracts, you will instruct your solicitor to provide us with a written undertaking to discharge our fee in full within seven days of completion. Interest will be liable on any outstanding sum not received within the prescribed period of time at 3% over the normal
  standard base rate. Should we require to instruct solicitors to recover our fees, we shall be entitled to recover from you our solicitors costs.

• SOLE AGENCY
  The Vendor will be liable to pay remuneration to Edgware Properties Ltd, 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 Edgware Properties Ltd during the period of their sole agency or with whom Edgware Properties Ltd had negotiated about the property during the period. Or with a purchaser introduced by another agent during that period. Where a purchaser is found as a result of publicity generated by Edgware Properties Ltd, this will amount to an introduction.

• SUB-AGENTS
  If during the agency Edgware Properties Ltd considers it may be of assistance in effecting a sale (and providing the vendor has expressed no prior objection) the co-operation of selected agents or other intermediaries may be invited at no additional cost to the vendor unless otherwise agreed in writing.

• EXPENSESResponsibility for marketing costs (such as advertising, brochures and photography) and any other expenses will always be agreed beforehand with thevendor and confirmation in writing.Where it is agreed that these costs and expenses will be borne by the vendor,these are normally payable at the outset of marketing but in anyevent are payable on invoicing. Edgware Properties Ltd reserve the right or share the benefit of any marketing discount and commissions.
  
  
• TERMINATION OF AGENCY
  SOLE AGENCY
  At the expiry of the sole agency period, the agency will automatically revert to the agreed multiple agency terms unless the sole agency period is extended. Should the vendor wish to extend the sole agency agreement, no written notification is required and the terms of agency, this can only take effect from the end of the agreed sole agency period and the vendor must give Edgware Properties Ltd 14 days noticein writing. In the event, any outstanding expenses are payable immediately. Should the vendor wish to instruct one or more further agents at the end of the sole agency period (thus creating a multiple agency ) but retain the services of Edgware Properties Ltd, the vendor must give Edgware Properties Ltd 14 days prior notice in writing.

• MULTIPLE AGENCY
  In the event of the agency being on multiple terms from the outset, the agency can be terminated by either party by giving 14 days notice in writing. In the event, any outstanding expenses are payable immediately.
  N.B In the event that the vendor should decide to terminate Edgware Properties Ltd agency for any reason, then any applicant introduced to the property during our agency shall be deemed to be valid introduction should the party concerned subsequently agree to purchase the property within a three month period after the date of termination of Edgware Properties Ltd instruction. In these circumstances, Edgware Properties Ltd fees will bepayable in accordance with the terms originally confirmed.

• 9. DISCLOSURE OF PERSONAL INTEREST
  In accordance with the Estate Agents Act 1999, Edgware Properties Ltd undertake to disclose, both to the vendor or a purchaser in writing, any connections we have with either party, relative or associate in connection with sale of a property.

• VARIATION OF TERMS & CONDITIONS
  Any variation to any of the terms and condition contained herein required by the vendor or their representative, must be notified and duly acknowledged and accepted by Edgware Properties Ltd.