Terms & Conditions

AGREEMENT

1. Sourcing agent agrees to identify properties and thereby provide services for:

1.1. Property pre-qualification in meeting the clients acquisition criteria

1.2. Viewing properties either in person or virtually

1.3. EsNmaNng refurbishment costs

1.4. Negotiating oﬀers with estate agents / vendors

1.5. Overseeing and liaising with third party service providers not limited to but including surveys, legals, conveyancing and

financing (where required) for all intervening periods between Oﬀer Acceptance to Exchange of Contracts to Completion

1.6. Overseeing any minor works identified as part of refurbishment costing, including snagging

1.7. Locating and vetting tenants

1.8. Managing Assured Short-hold Tenancy agreements, taking tenant deposits (for lodgement with a Deposit Protection

Scheme) and overseeing periodic property inspections during and at the end of any formal tenancy

1.9. Managing cash flows associated with the property, including

1.9.1. collecting rent payments and

1.9.2. making disbursements for repairs and maintenance (as agreed with the Client in advance)

FEES & PAYMENT

2. Unless otherwise agreed, payment of fees for services will be invoiced in three stages:

2.1. On reserving a property, a STAGE 1 fee (representing £500) will be immediately paid by the Client.

2.2. On the date of instructing legals for the purchase, a STAGE 2 fee (representing up to 50%) will be paid within one day by the Client.

2.3. On the date of EXCHANGE/COMPLETION for the property, a STAGE 3 fee (representing the final 50%) will be paid.

3. 4. A non-returnable admin fee of is
stipulating for the work done by the sourcing agent and this admin fee is independent from the sourcing fee, payable on the signing of this agreement (invoice to follow).

In the event that the Client ceases to exchange on the deal for any reason other than a solicitors recommendation, then the balance of the sourcing fee stated in point (2) will be payable.

POWER TEAM

5. Sourcing agent will introduce the Client to a trusted independent third-party Project Management Team (PM) and their build team, for the refurb of the Client’s property. A fee is charged for the refurbishment payable directly to the trusted third-party

Project Management team (PM) within 7 days of invoice. If the refurbishment is over £5000, there is a 10% project management fee applied.

6. The trusted Independent third-party Project Management Team (PM) assigned will use their allocated subcontractor to deliver the building project on behalf of the Client.

7. Sourcing agent cannot be held responsible for outcome of any survey, valuation or refurbishment work carried out by the trusted Independent third-party Project Management team (PM) and/or their build team/third-party contractors/sub-contractors assigned to your property which does not go in favour of the Client.

8. Sourcing agent/Estate Agent can assist in arranging to meet surveyors at the property and liaise with the property owner/agents on behalf the Client until completion of the purchase, if required.

9. Sourcing agent can introduce the Client to an independent conveyancing solicitor, finance broker as well as insurance broker, if

needed

10. 11. Sourcing agent will make every eﬀort to ensure the sale and transfer of the house is undertaken to the Client benefit.

The Independent Project Management team (PM) can provide updates on a stage payment basis to the Client regarding the project management of the upgrades of the property, which will also include photos of the project on a weekly, bi-monthly or project stage/phase basis.

GENERAL

12. If there are any complaints or suggesNons about the sourcing or refurbishment process please reach out to the team

13. This property sourcing agreement supersedes any previously dated property sourcing agreements relating to this property (referenced on Page 1 of this agreement in the ‘Bank Details’ secNon).