Property Sourcing Agreement
This Property Sourcing Agreement ("Agreement") is made and entered into upon payment of the holding fee, by and between:
Client: The individual or entity making the holding fee payment
Property Sourcer: Anna Pearce Limited, Fenlake House, Fenlake Business Centre, Fengate, Peterborough, PE1 5BQ
1. Scope of Services
The Property Sourcer agrees to provide the following services related to the specific property located at the address provided by the Client ("Property"):
- Conducting due diligence on the Property.
- Negotiating terms of purchase on behalf of the Client.
- Assisting with the acquisition process of the Property up to completion.
2. Fees and Payment Terms
By sending the holding fee payment, you (the Client) agree to the following terms:
- Holding Fee: As stated in the marketing materials, a holding fee is due upon agreeing to this Agreement.
- Sourcing Fee: As stated in the marketing materials.
- Due Diligence Period: You have 7 days from the date of this Agreement to conduct due diligence on the Property. If you notify the Property Sourcer in writing within this 7-day period that you do not wish to proceed with the purchase, the retainer fee will be fully refunded within 7 days of receiving the written notice. No refund will be provided if notice is given after the 7-day period.
- Confirmation Fee: Half the sourcing fee less the Holding Fee due upon confirmation of the deal following the due diligence period.
- Completion Fee: Balance of the sourcing fee due upon successful completion of the Property purchase.
Payment Schedule:
- Holding Fee: Holding Fee due upon agreeing to this Agreement.
- Confirmation Fee: Half the Sourcing Fee less the Holding Fee, which must occur within 7 days following the due diligence period.
- Completion Fee: Half the Sourcing Fee due at the completion of the Property purchase, defined as the transfer of ownership to you.
Refund Policy:
- Withdrawal During Due Diligence: If you decide not to proceed with the deal and confirm in writing before the 7-day due diligence period ends, the full Holding Fee will be refunded. The holding fee is non-refundable after the 7-day due diligence period has ended.
- Vendor Withdrawal: If the vendor withdraws from the sale of the Property, all fees paid by you will be fully refunded.
- Withdrawal Due to Legal Issues: If you withdraw due to legal issues or complications arising during the legal process, all fees paid by you will be refunded.
- General Withdrawal: If you decide not to proceed for reasons other than vendor withdrawal or legal issues, all fees are non-refundable.
3. Term and Termination
- Term: This Agreement shall commence upon payment of the holding fee and shall terminate upon the successful completion of the Property purchase or if the purchase is not completed for any reason.
- Termination: Either party may terminate this Agreement with written notice if the Property purchase is not proceeding. In the event of termination, any unpaid fees for services already rendered shall become immediately due and payable.
4. Confidentiality
The Property Sourcer agrees to maintain the confidentiality of all proprietary information and not to disclose any such information to any third party without your prior written consent.
5. Liability
The Property Sourcer shall not be liable for any loss, damage, or expense arising from any act or omission in providing the services, except in cases of gross negligence or willful misconduct.
6. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of England.
7. Entire Agreement
This Agreement constitutes the entire agreement between the parties and supersedes all prior negotiations, understandings, and agreements between the parties.
8. Amendments
Any amendments or modifications to this Agreement must be in writing and signed by both parties.
Signatures
Anna Pearce of Anna Pearce Limited
Date: Date Holding Fee received
Anna Pearce Ltd - 11384195
PRS reg - PRS037164
ICO reg - ZB402574
HMRC - XXML00000183615