Terms of service.
This is a sample of our regular terms and conditions for an exclusive agency agreement. Please note these are a sample only and amendments can be discussed at your request.
Stonewood Developments Limited [“the Client”] appoints The Property Factory Limited & Atomo Properties Limited, licensed real estate agents, REA 2008 [“the Agent”] as the Client’s real estate agents for the sale of the property described in the following Property Description [“the Property”] and pursuant to this appointment the Agents are authorised to market the Property, conduct negotiations and to prepare any Sale and Purchase Agreements, Auction or Tender documentation and do all other things as may be necessary or required to give effect to a sale of the Property and such work may be conducted by the Agents or through a Branch Manager or Salesperson of the Agents and such parties may be referred to herein as Agents.
The Client appoints the Agents as Sole Agents for the sale of the Properties as identified in the Property Description.
If the Client appoints the Agents as general agents for the sale of the Property, the agency shall commence on the date identified in the schedule and continue until cancelled by ten (10) days written notice by either party. If the Property or part of it is sold by or through the instrumentality of the Agent or to anyone introduced through the agency of the Agents, the Client agrees to pay a commission as set out below, whether such sale is on the terms set out herein or on any other terms acceptable to the Client. If an exchange of the Property or part of it is affected by or through the instrumentality of the Agents or with any person introduced through the agency of the Agents, the Client agrees to pay the Agents a commission upon a sale notwithstanding that the Agent may be entitled to a commission from the other party to the exchange.
The agency shall continue until midnight on the Expiry Date unless cancelled by the Client by written notice to the Agents by 5.00pm on the first working day after the day on which a copy of the agreement signed by or on behalf of the Agents is given to the Client in accordance with the Act. For the avoidance of doubt, a copy of the agreement can be given to the Client by way of facsimile or email.
Commissions and Advertising
1. The client will pay a standard commission fee of 2.95% of the purchase price + GST for the sale of each property by the Agents for the Client. This can be varied between the parties by written agreement (including email or text).
2. 100% of the commission is payable upon the purchaser’s conditions becoming unconditional in all respects.
3. Any advertising will be paid for by the Client upon the acceptance of advertising budgets agreed between the parties. Any advertising paid for by the Agents on behalf of the Client will be on-charged to the Client at cost. The Agents will not receive any advertising rebates or discounts and in the event a commission or rebate was paid to the Agents, this will be returned to the Client by the Agents.
Definition of Purchaser Conditions becoming unconditional shall mean the date where all of the following conditions are met:
1. The purchaser’s solicitor approves the agreement in all respects or it is deemed that approval has been given per the agreement;
2. Any conditions such as due diligence are satisfied;
3. The deposit paid in cash in full to the stakeholder’s trust account.
This commission is payable when the agreement to sell the property, or any part of it, becomes unconditional and binding on the purchaser. The Client authorises the Agents to invoice the Client’s solicitor for payment on the Client’s behalf. The Client also gives an irrevocable authority to the Client’s solicitor to pay the fee, if the Client has not done so already, out of sale proceeds prior to disbursement of funds to the Client.
Furthermore, the Client authorises The Property Factory Limited and Atomo Properties Limited to provide this signed authority to the Client’s solicitor as evidence of that instruction. In the case of either a sole or general agency, the Client enters into a private agreement to sell/lease or exchange the Property (or part of it) within a period of 6 months following the date of expiry, cancellation or termination of the agency, through the instrumentality of the Agents or to a purchaser/tenant introduced by the Agents, and the agreement is or becomes unconditional (whether during or after the 6 months period).
In this subclause ‘private agreement’ means any agreement to sell or exchange the Property (or part of it) in the absence of any effective agency agreement between the Client and a real estate agent holding a license under the Real Estate Agents Act 2008. 5.2 Unless otherwise stated the commission will become payable immediately upon the contract for the sale/lease of the Property becoming unconditional.
The Client agrees that any Sale and Purchase Agreement will require that any deposit paid by a purchaser to be held in the Agents nominated trust account as stakeholder, unless the purchaser’s solicitor agrees for the deposit to be held in the Client’s solicitor’s nominated trust account.
The Client undertakes that the information contained in the Property Description is correct in all respects and is not misleading by omission and that the Property is not subject to any:
● Consents given to a neighbour in respect of any work proposed by that neighbor;
● non-consented works;
● defects;
● hazards; or
● requisitions or notices from any Council or other territorial local authority, other than those disclosed in the Property Description.
The Client (and if more than one, jointly and severally) indemnifies the Agents and any of its employees, agents or contractors against losses, damages, claims or other liability arising from the proper use of that information or should that Property Description be incorrect or misleading.
The Client agrees that the Agents may receive a commission from the provider of any related service (for example, but not limited to, mortgage broking services) in the event of a referral.
The Client acknowledges receipt of the approved guide and a copy of the Agents in-house complaints process. Further information on agency agreements and contractual documents is available from the Real Estate Authority, www.rea.govt.nz. Clients and customers may access the Real Estate Authority complaints process without first using The Property Factory Limited and Atomo Properties Limited complaints process. Any use of The Property Factory Limited and Atomo Property Limited complaints process, does not preclude a complaint to the Authority.
The Client warrants that they have the authority of all owners of the property to sign this agency appointment. The Client has read, understood and agreed to the above terms. The Client is aware that they can, and may need to, seek legal, technical or other advice and information, and have had reasonable opportunity to do so. The Client agrees that the Agents may disclose the listing and sale details of this property for the legitimate conduct of the Agents real estate agency business.
Form 1 – Agents statement relating to rebates, discounts, and commissions – Section 128, Real Estate Agents Act 2008. We, the agent, confirm that, in relation to any expenses for or in connection with any real estate agency work carried out for the Client in connection with the transaction covered by this agency agreement, will not receive, and are not entitled to receive, any rebates, discounts, or commissions.
The Client, acknowledges that prior to signing this Agreement have been:
1. Recommended to seek legal advice.
2. Recommended that they can, and may need to, seek technical or other advice and information.
3. Given a reasonable opportunity to obtain the advice referred to above.
4. Advised and have had an explanation of the circumstances in which the Client could be liable to pay full commission to more than one agent in the event a transaction is concluded.
5. Advised when this agreement comes to an end.
6. Made aware of the various possible methods of sale and how your chosen method could impact on the individual benefits that the Licensees may receive.
7. Given a copy of this Agreement immediately after signing it.
The Client acknowledges that any person signing this form on behalf of the Client confirms that if not the sole owner of the Property, has the authority of all owners to sign this Agreement on their behalf.
The Client acknowledges that any photographs or display material may be obtained, displayed or used for promotional purposes by the Agent as necessary and be subsequently used by the Agents for promotional purposes for a reasonable period unless otherwise instructed.
The Client acknowledges that the termination or cancellation of this agreement for any reason is without prejudice to any other rights, powers, authorities or remedies which the Agents may have including the right to commission and reimbursement of the agreed marketing costs.
The Client acknowledges that any customer introduced to the Client by the Agent are referrals provided by the Agent and any subsequent purchase of the Client's properties by such customer (s) will require a further commission payable to the Agent regardless of which employee or contractor the customer transacts with.