Commercial Property Lettings Agency Terms and Conditions (Management Only Service)
These Commercial Property Lettings Agency Terms and Conditions (Management Only Service) are for use by property management agents undertaking management of commercial premises on behalf of landlords. They set out what action is required of the Agency and the Owner and provide for the payment of commission to the Agency. Under the RICS Professional Statement 'Service charges in commercial property (1st edition)' RICS members or firms regulated by RICS, must charge management fees (for administering the services comprised in the service charge) on a fixed price basis.
The Terms and Conditions, together with the Commercial Property Lettings Agency Appointment Form (Management Only Service), create a contract between the Agency and the Owner.
This version of the Terms and Conditions should be used where the Agency’s role is limited to managing a property that is already let to a tenant. If the Agent is to become involved at an earlier stage by marketing a property and finding a tenant, the “Letting & Management” version of the Terms and Conditions should be used instead.
Clause 1 contains definitions and in some cases refers to information contained in the Appointment Form.
Clause 2 covers the appointment of the Agent.
Clause 3 sets out the duties of the Agent. These include collecting rent, chasing rent arrears and dealing with maintenance issues.
Clause 4 sets out the duties of the Owner. These include obtaining any consents that may be required from the Owner’s insurers, landlord or mortgage company.
Clause 5 deals with termination of the contract between the Agent and the Owner.
Clause 6 makes reference to the Agent’s complaints handling procedure. If the agent belongs to a redress scheme (which is good practice, but not compulsory, for commercial property agents) details can be included here.
Clauses 7 to 11 contain standard legal interpretation wording and provisions regarding the service of notices and VAT.
Optional phrases / clauses are enclosed in square brackets. These should be read carefully and selected so as to be compatible with one another. Unused options should be removed from the document.
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