Finder’s Fee Agreement for Residential Property Search (Commission)
This Finder’s Fee Agreement for Residential Property Search (Percentage Commission) is designed for use by a property search agency acting for a private client. It is not suitable for use where the client is acquiring a residential property for investment purposes. In such a case, please use one of our B2B templates.
The Agreement details the Agency’s and the Client’s obligations and requires the Client to pay commission to the Agency if the Agency finds a property that the Client goes on to buy or rent. Under this Agreement, the Introduction Commission paid by the Client is a percentage of the purchase price or annual rent payable for the property.
Other versions of this Agreement cover fixed fee commission and acting for business clients.
• Clause 1 contains definitions.
• Clause 2 sets out information about the Property Finder’s business.
• Clause 3 gives communication and contact details.
• Clause 4 covers the appointment of the Property Finder and payment of an initial Retainer Fee. Optional drafting provides for the Retainer Fee to be refunded if the Client subsequently pays Introduction Commission to the Property Finder. The Property Finder’s appointment may be on an exclusive or non-exclusive basis.
• Clause 5 requires the Property Finder to make Introductions of suitable properties and sellers to the Client during the Search Period. There are optional clauses setting out the scope of the Property Finder’s role – these should be adapted to suit the circumstances.
• Clause 6 sets out the Client’s obligations. These include providing information to the Property Finder to enable the Property Finder to search effectively, and notifying the Property Finder when a contract for sale or rent is entered into (an “Applicable Contract”).
• Clause 7 covers payment of the Introduction Commission. This is a specified percentage of the purchase price or annual rent for the property the Client is buying or renting.
• Clause 8 relates to complaints and feedback, or if the Property Finder is a member of a redress scheme (this is not compulsory), there is an optional Clause 8 dealing with complaints and redress.
• Clause 9 contains provisions regarding the “cooling off” period that applies to consumer contracts that are made “off the premises” of the trader.
• Clauses 10-12 deal with termination of the Agreement.
• Clauses 13-16 are standard clauses dealing with liability, data protection, VAT, the relationship of the parties, jurisdiction and other matters.
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.
This Finder’s Fee Agreement for Residential Property Search (Percentage Commission) is in open format. Either enter the requisite details in the highlighted fields or adjust the wording to suit your purposes.
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