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Estate Agency Agreement

Home Estate Agency Agreement

This agreement sets out VSG Global Limited’s terms of business to offer your property for sale on the open market. The fees payable for our services under Section 18 of the Estate Agents Act 1979 and the required legal obligations regarding Money Laundering Regulations (2017) and Data Protection Act (2018). VSG Global Limited will be referred to as ‘the agents, ‘we’, ‘Victorstone’ and ‘us’.

Marketing of your property

Marketing will commence from the date the property is listed on Rightmove, Zoopla, OnTheMarket and Victorstone’s website.

Fee Calculation

  • Sole selling instructions, this percentage is at a rate of 2% + VAT (2.4% inc. VAT) of the eventual sale price.
  • Joint agency instructions, this percentage is at a rate of 2.5% + VAT (3% inc. VAT) of the eventual sale price.
  • Multi-agency instructions, this percentage is at a rate of 3% + VAT (3.6% inc. VAT) of the eventual sale price.
  • All agency commissions are subject to a minimum fee of £7,500 + VAT (£9,000 inc. VAT).

Indicative Fee Illustration

For example, if the sale price of the property was £400,000 and your agreed fees are 2% of the eventual sale price + VAT, then this would equate as follows:

  • £400,000 x 2% = £8,000
  • Plus (VAT at the prevailing rate, currently 20%) = £1,600
  • Total payable by you = £8,000 + £1,600 = £9,600

Our Terms of Business

1. Sole Selling Rights

Victorstone will have Sole Selling Rights for a minimum period of 12 weeks from the date of this agreement, which will continue after this period until terminated by either party giving 28 days written notice and such notice cannot be given earlier than 28 days before the end of the Agency Period of this agreement. You will be liable to pay remuneration to us, additional to any other costs or charges agreed with you, in each of the following circumstances:

  • If unconditional contracts for the sale of the property are exchanged in the period during which we have sole selling rights, even if the purchaser was not found by us but by another agent or by any other person, including yourself or in circumstances where you agree to part exchange your property with a third party.
  • If unconditional contracts for the sale of the property are exchanged after the expiry of the period during which we have sole selling rights but to a purchaser introduced to you during that period or with whom we had negotiations about the property period. On termination of our sole selling agreement, this agreement will automatically revert to a multiple agency agreement.

2. Joint Agency

Victorstone will act on your property in conjunction with one other named Agent (agreed by yourself and both Agents in writing) for a minimum of 12 weeks from the date of this agreement, which will continue after this period until terminated by either party giving 28 days written notice. You will be liable to pay remuneration to us, additional to any other costs or charges agreed with you, at the agreed rate in each of the following circumstances:

  • If unconditional contracts for the sale of the property are exchanged in the period during which we have a joint agency agreement with you, even if the purchaser was not found by us but by another agent or by any other person, including yourself.
  • If unconditional contracts for the sale of the property are exchanged after the expiry of the period during which we have sole selling rights but to a purchaser introduced to you during that period or with whom we had negotiations about the property period.
  • The agreed fee scale will be shared between Victorstone and the other named Agent. On termination of our joint agency agreement, this agreement will automatically revert to a multiple agency agreement.

3. Multiple Agency

Victorstone will act on your property in the knowledge that other Agents have also been instructed to act on your behalf for a minimum period of 12 weeks from the date of this agreement, which will continue after this period until terminated by either party giving 28 days written notice. You will be liable to pay remuneration to us, additional to any other costs or charges agreed with you, at the agreed rate in each of the following circumstances:

  • If unconditional contracts for the sale of the property are exchanged in the period during which we have a multiple agency agreement with you, with a purchaser introduced by us during the period of our Agency or with whom we had negotiations about the Property during that period, including an event whereby the purchaser whom we introduced or had negotiations with proceeds to purchase the property via another agent or by any other person, including yourself.
  • If unconditional contracts for the sale of the property are exchanged after the expiry of the period during which we have a multiple agency agreement with you, with a purchaser introduced by us during the period of our Agency or with whom we had negotiations about the Property during that period, including an event whereby the purchaser whom we introduced or had negotiations with proceeds to purchase the property via another agent or by any other person, including yourself.

4. Ready, willing and able purchaser:

A purchaser is a “ready, willing and able” purchaser if he is prepared and can exchange unconditional contracts to purchase your property.

You will be liable to pay remuneration to us, in addition to other costs or charges agreed, if we introduce such a purchaser under your instructions and subsequently starts proceedings in the purchase of your property. These must be paid even if you subsequently withdraw, and unconditional contracts for sale are not exchanged, irrespective of your reasons.

5. Sub Agency

If we consider it to be in your best interest, we will, with your permission, instruct a sub-agent to assist in the marketing of your property. You will incur no additional cost, and we will arrange and coordinate all viewings and negotiations on the property.

6. Our Fees

Victorstone’s fees are unless otherwise, indicated and agreed, calculated as a percentage (%) of the sale price achieved + VAT at the prevailing rate. As Victorstone’s fees are based on a percentage of the price achieved, should this be higher or lower than the asking price, Victorstone’s fees will be correspondingly higher or lower. The fee agreed on covers all advertising and promotional costs as agreed with Victorstone in their normal media. Any additional advertising or marketing costs will be agreed upon in writing before any commitment. The sale price will be deemed to include any extra prices for fixtures, fittings, goods, chattels, carpets, curtains and other such related items.
In the event of an unconditional exchange, payment is due from the exchange monies.

7 . Payment of Fees:

Fees are due for payment on exchange of contracts (or in the circumstances explained in the “ready, willing and able clause”). The vendor hereby gives his/her irrevocable authority to the solicitors appointed at the sale to pay out of the proceeds of the sale Victorstone agreed charges plus VAT under this agreement. Such payment is to be made within either 3 days of the sale or following a period of 28 days after the exchange, whichever comes sooner. Interest will be charged at 8% on a monthly basis if the account remains unpaid for more than 3 days.

8. Exclusions

Any prospective purchaser introduced before Victorstone being instructed must be declared to us in writing in advance of signing this agreement so that they may be excluded from the Agency Terms.

9. Sale Boards

We will arrange for (unless instructed to the contrary in writing by the vendor) a For Sale board to be erected per the requirements of Town & Country Planning Regulations 1992 as amended. The regulations permit the display of only one “For Sale” board. The vendor agrees not to allow any other “For Sale” board whilst Victorstone’s is displayed.

10. Advertising

The vendor hereby gives their authority to Victorstone to advertise the property by whatever media is deemed appropriate, including advertising the property on all relevant websites available to Victorstone. Victorstone will use pictures of properties in general sales campaigns; by signing this agreement, you agree to give your consent for any outside pictures of your property to be used in such campaigns.

11. Data Protection Act 2018

Victorstone is registered under the Data Protection Act 2018, and we undertake to comply with the Act in all our dealings with your personal data. In providing our services, we may instruct other organisations to process personal data on our behalf and/or share personal data with law enforcement agencies, which may involve data transfer outside the European Economic Area. We are committed to ensuring that your personal data is always dealt with securely and strictly compliant with the Act. Occasionally, we may contact you by letter, telephone, email or otherwise to inform you about other products and services we offer. We try to limit this contact to acceptable levels, but your right to opt-out if you wish to exercise.

12. Consumer Protection Regulations 2008

A copy of the property particulars will be forwarded to you. Under the Consumer Protection from Unfair Trading Regulations 2008, anything we say or publish about your property must be accurate. Therefore, you must read the details carefully and immediately inform us if there is anything inaccurate. We are also obliged to pass on any material information that would impact a potential buyer’s transactional decision. So you must advise us of anything you feel is relevant to this.

13. Fixtures and Fittings

To comply with the requirements of the Unfair Trading Regulations 2008, all fixtures and fittings that are mentioned in the sales particulars will be deemed to be included in the sale unless otherwise specified in writing.

14. Unoccupied Properties

Victorstone takes no responsibility for unoccupied properties unless separately agreed in writing.

15. Services to Purchasers

Victorstone will offer prospective purchasers mortgage and financial services, removal services, utilities, conveyancing and insurance services and any other related services through their associated companies for which fees may be obtained.

16. Offers

Victorstone confirms that (unless instructed to the contrary in writing by the vendor) they will forward to the vendor promptly and accurately all offers from prospective purchasers.

17. Complaints

Complaints about the service of Victorstone should in the first instance be sent in writing to The Directors, Victorstone, 213 City Road, London, EC1V 1JN. Victorstone are a member of and abides by the code of The Property Ombusdman; further details can be found on www.tpos.co.uk

18. Disclosure of Personal Interests

In writing, vendors must inform Victorstone of any interest they or their relatives or a friend have in Victorstone or any of its subsidiary companies.

19. EPC

In accordance with the housing act 2004, it is required that an EPC is commissioned before the marketing of a building can commence. If you have an EPC, this needs to be made available to us; if not, we will be happy to take your instruction to commission the EPC. The cost for us to provide the EPC is £100 plus VAT (£120 including VAT), which is payable in advance. By signing this agreement, the client authorises us to request an EPC on their behalf under the Housing Act 2004.

20. Money Laundering Regulations 2017

To comply with the Money Laundering Regulations 2017, we require you to provide us with one proof of identity and one proof of residence for all beneficial owners of the property.
You should either provide us with original documents for copying and returning to you or provide us with copies certified by a solicitor as genuine.

20a) Proof of Identity

Photo Driving Licence/ Passport.

20b) Proof of Address

Utility Bill/Bank Statement

If you would be interested in a free no-obligation quotation from our conveyancing services, please confirm that you would like this service, and we will organise this accordingly.

22. Financial Services

Victorstone offer access to independent financial advisors. If you feel you would benefit from financial advice and would like to be referred to an independent financial advisor, please confirm that you would like this service. We will organise this accordingly.

24. Declaration

I/We confirm that I/we have received, read and accepted the Terms of Engagement of Victorstone before signing this agreement and that we are legally authorised to sell the property.

I/We confirm that I/We have obtained consent from all interested parties (not limited to co-owners, trusties or any other associated party related to the property) to market the property with a view of selling.

I/We confirm that I/We are signing this document on behalf of all interested parties (not limited to co-owners, trusties or any other associated party related to the property).

I/We confirm that the above information is accurate and that I/we have read and understood the terms and conditions within this document. I/We understand that I/we may have the right to cancel this agreement under the Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013 within 14 calendar days from the date it was signed and confirmed that I/we wish Victorstone to commence marketing the property immediately. I/We accept that in signing this document, I/we am bound by its entire contents.

Cancellation

Notice of your right to cancel

You may have the right to cancel this contract if you wish. This right can be exercised by delivering or sending written notice to Victorstone at any time during the period of 14 days, starting from the date of signature of our terms and conditions. The notice of cancellation is deemed to be served as soon as it is posted or, in the case of electronic communication, from the day it is sent. If work on the above contract has begun, with your written agreement, before the end of the cancellation period, you will be required to pay £350 plus VAT (£420 including VAT) related to withdrawal/administration costs.
You may use this cancellation form if you wish to do so.

Cancellation Notice

If you wish to cancel the contract, YOU MUST DO SO IN WRITING and deliver personally or send this (which may be by electronic mail) to the person named who signed the contract on behalf of Victorstone and addressed to the relevant office handling your property.