Commercial Property Estate Agency Terms and Conditions (Sale of Freehold)
These Commercial Property Estate Agency Terms and Conditions (Sale of Freehold) are for use by estate agents, or surveyors dealing with the sale of a freehold commercial property. They are suitable for all types of business premises including tenanted properties.
The Terms & Conditions place obligations on the Agency and the Seller and provide for commission to be paid to the Agency on completion of the sale. The Terms and Conditions should be used in conjunction with the Commercial Property Estate Agency Appointment Form (Sale of Freehold) to create a contract between the Agency and the Seller.
Clause 1 contains definitions and in some cases refers to information contained in the Appointment Form.
The Agent is given Sole Selling Rights, meaning that the Agent is entitled to commission even if the Seller finds a buyer itself during the Agency Period. The definitions of “Sole Agency” and “Sole Selling Rights” are in the form required by the Estate Agents (Provision of Information) Regulations 1991 and should not be amended.
Clause 2 covers the appointment of the Agent.
Clause 3 sets out the duties of the Agent. These include preparing particulars, dealing with enquiries and viewings and liaising with solicitors.
Clause 4 sets out the duties of the Seller. These include approving the Agent’s draft particulars and paying commission.
Clause 5 deals with termination of the contract between the Agent and the Seller.
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.
These Commercial Property Estate Agency Terms and Conditions (Sale of Freehold) are in open format. Either enter the requisite details in the highlighted fields or adjust the wording to suit your purposes.
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