1. Sourcing agent agrees to identify properties and thereby provide services for:
1.1. Property pre-qualification in meeting the Client’s acquisition criteria
1.2. Viewing properties either in person or virtually
1.3. Estimating refurbishment costs
1.4. Negotiating 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)
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. A non-returnable admin fee is stipulated for the work done by the sourcing agent. This admin fee is independent from the sourcing fee and is payable upon the signing of this agreement (invoice to follow).
4. In the event that the Client ceases to exchange on the deal for any reason other than a solicitor's recommendation, the balance of the sourcing fee stated in point (2) will be payable.
5. The sourcing agent will introduce the Client to a trusted independent third-party Project Management Team (PM) and their build team for the refurbishment 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 the invoice. If the refurbishment exceeds £5,000, a 10% project management fee will be applied.
6. The trusted independent third-party Project Management Team (PM) assigned will use their allocated subcontractors to deliver the building project on behalf of the Client.
7. The sourcing agent cannot be held responsible for the 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/subcontractors assigned to the property, which does not align with the Client’s expectations.
8. The sourcing agent/estate agent can assist in arranging meetings with surveyors at the property and liaising with the property owner/agents on behalf of the Client until the completion of the purchase, if required.
9. The sourcing agent can introduce the Client to an independent conveyancing solicitor, finance broker, and insurance broker, if needed.
10. The sourcing agent will make every effort to ensure the sale and transfer of the property are undertaken to benefit the Client.
11. The independent Project Management Team (PM) can provide updates to the Client on a stage payment basis regarding the project management of the property’s upgrades. These updates may include photos of the project on a weekly, bi-monthly, or project stage/phase basis.
General
12. If there are any complaints or suggestions about the sourcing or refurbishment process,
for 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’ section).