Buyers Agency Agreement - AUNSWREPS009

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BLACK = Old Item/Clause  | RED = New Item/Clause | BLUE = Comments About Change (Not Part of Form) | STRIKEOUT = Wording Deleted

 

15 Oct 2018 v2.7

Additions / Changes:

 

All instances of 'fax' removed.

 

Clause 3.1

In consideration of and in accordance with the terms of this Agreement, the Buyer appoints the Agent (and its permitted Assigns), for the duration of this Agreement to carry out the agreed services as listed in Item B and the Agent agrees. Authority vested in the Agent by this Agreement shall be deemed to be vested in the Agent’s authorised employees.

 

Clause 3.2

Authority vested in the Agent by this Agreement shall be deemed to be vested in the Agent’s authorised employees.

 

Clause 3.3

In carrying out the duties and services specified in this Agreement the Agent is authorised to utilise the services of any suitable person or company, provided however where required under the Act such duties or services must be carried out by a licensed person.

 

Clause 3.4

The Agent (licensee) in charge of the business must properly supervise, in accordance with the guidelines issued by the Commissioner for Fair Trading, all persons (employee or otherwise) engaged in the business carried on by the Agent.

 

Clause 7.5

The services and amounts detailed in this Agreement cannot be varied without agreement in writing signed by the parties.

 

Clause 10.2

This Agreement cannot be varied without agreement in writing signed by the parties.

 

Clause 13.1

The parties agree and confirm any documents and communications in relation to this Agreement may be forwarded electronically and where this Agreement document has been forwarded electronically (either for signing or otherwise) the party receiving the Agreement document confirms having consented to the delivery of the Agreement document (and any other materials) by way of the electronic means of delivery before receiving the documentation.

 

Clause 13.8

The parties agree and consent to execution, by any party, delivery and service of documents electronically using by a method provided by DocuSign or such other agreed an electronic signing signature service provider.

 

01 Jul 2018 v2.6

Additions / Changes:

 

Item J

GST WITHHOLDING

All sales of ‘residential property’ will require the Vendor to complete a notice in accordance with section 14-255 of the Taxation Administration Act 1953 (Cth).

 

19 Feb 2018 v2.5

Additions / Changes:

 

Item J

Signature of Buyer             Date:                       Signature of Buyer             Date:

………………………………     …… / …… / ……     ………………………………     …… / …… / ……

By signing below the parties acknowledge and confirm having read and understood this Agreement.

Signature of Buyer (s)     Date:                                                            Date:

 

………………………………  …… / …… / ……  ………………………………  …… / …… / ……

 

………………………………  …… / …… / ……  ………………………………  …… / …… / ……

 

Note: Where signed by Buyer’s authorised representative or the Buyer is a corporation evidence of authority to sign must be provided.

 

Signature of Agent           Date:

………………………………   …… / …… / ……

 

Clause 1.1(3)

Electronic Document: means any electronic communication (including Notices) as defined in the Electronic Transactions Act 2000 (NSW) including any electronically generated document situated on an external server readily accessible via a link within an electronic communication or other electronically generated document.

 

Clause 1.1(6)

Related Document: means any written communication (including Notices) with regard to this matter between the parties, including any Electronic Documents.

 

Clause 2

By signing this Agreement the Buyer(s) warrants and confirms:

(1)

having read this Agreement

(2)

having authority to enter into this Agreement.

 

Clause 2

By signing this Agreement the Buyer(s) warrants and confirms it has authority to enter into this Agreement.

 

Clause 10

Provision of Documents

The parties agree and confirm this Agreement may be forwarded electronically if the recipient has provided an email address or facsimile number in the Item Schedule to this Agreement.

 

Clause 13

Related Documents / Notices / Electronic Communication

13.1

The parties agree and confirm any documents and communications in relation to this Agreement may be forwarded electronically and where this document has been forwarded electronically (either for signing or otherwise) the party receiving the document confirms having consented to the delivery of the document (and any other materials) by way of the electronic means of delivery before receiving the documentation.

13.2

A Related Document to be served on any party under this Agreement shall be in writing and may be served on that party:


(1)

by delivering it to the party personally; or


(2)

by leaving it for the party at that party’s address as stated in this Agreement; or


(3)

by posting it to the party by ordinary mail or security mail as a letter addressed to the party at the address as stated in this Agreement; or


(4)

by email to the party at the appropriate email address as stated in this Agreement; or


(5)

by delivery to an alternative address, provided in writing by the party, by any of the methods outlined in Clauses 13.2(1) to (4) above.

13.3

A document posted shall be deemed to have been served, unless the contrary is shown, at the time when, by the ordinary course of post, the document would be delivered.

13.4

A document sent by electronic communication will be deemed to have been received in accordance with Section 13A of the Electronic Transactions Act 2000 (NSW).

13.5

Documents given by a party's solicitor will be deemed to have been given by and with the authority of the party.

13.6

Documents must be served before 5pm on a business day, failing which, such document will be deemed to have been served on the next business day.

13.7

The parties acknowledge and agree an Electronic Document readily accessible via a link within a Related Document is received when the Related Document is served and will be opened when the Related Document is opened.

13.8

The parties agree to execution, delivery and service of documents electronically by a method provided by DocuSign or such other agreed electronic signature service provider.

 

01 Jul 2017 v2.4

Additions / Changes:

 

Item I

Note: For properties with a market value of, at or more than, $2,000,000 $750,000 a Buyer must withhold 10 12.5% of the purchase price and pay such monies to the Australian Taxation Office (ATO) on or before settlement, unless the Vendor has obtained a Clearance Certificate from the ATO (Taxation Administration Act 1953(Cth) Subdivision 14-D).

 

24 Mar 2017 2.3

Additions / Changes:

 

Item 6

Items 1 to 5 make up the Statement of Property Details required by the Act and have been completed by the Agent in Item 3.

 

Agent’s Signature: ………………………………………………………… Date of Report: …… / …… / ……

 

Terms and Conditions Title

Terms of Agreement (in conjunction with the Statement of Property Details and the Buyers Agency Agreement)

 

Clause 8

Financial and Investment Advice

8.1

The Agent makes no representation as to being a financial or investment advisor.

8.2

The Buyer acknowledges any financial and investment advice provided by the Agent is general advice and its preparation has not taken into account the individual circumstances of the person or the person’s objectives, financial situation or needs.

8.3

The Buyer should assess the suitability of any investment in the Property in the light of the Buyer’s own needs and circumstances, which the Buyer can do personally or by consulting an appropriately licensed financial adviser.

8.4

If there is any conflict of interest the Agent may have in connection with the provision of the advice referred to above the Agent must disclose full details of any benefits that may accrue to the Agent as a result thereof.

 

Clause 8

Agent’s Opinion

The Agent makes no representation as to being a financial or investment advisor and will not give advice other than of a general nature. For specific advice the Buyer should consult its own advisors.

 

01 Sep 2016 v2.2

Additions / Changes:

 

Item C

(1)

Subject to this Agreement on the Purchase of a Property the Agent shall be entitled to a Commission determined as follows Fee of: …………………………………………………… (Incl. GST)

(2)

Based on the Buyer’s maximum Purchase Price Price Range (Item 5) the Commission (Item C(1)) in dollars Fee would be:  …………………………………………….……………………………… (Incl. GST)

(Where a range of value is entered into Item 5 the purchase price is based on the maximum value in that range)

(Note: the Commission this amount will vary based on the actual Purchase Sale Price of a Property)

 

Item E

The Buyer shall reimburse the Agent for the following authorised Expenses incurred during this Agreement:

 

Item H

SPECIAL CONDITIONS

The Special Conditions to this Agreement are where inserted at the direction of under instruction from the Buyer a party to this Agreement and where not prepared by that party, were prepared by the Buyer or an Australian Legal Practitioner under instruction from the Buyer and not from the Agent. No warranty is given by the Agent with respect to such clauses. Legal advice should be sought.

 

Item I

CAPITAL GAINS WITHHOLDING PAYMENT

Note: For properties with a market value of, at or more than, $2,000,000 a Buyer must withhold 10% of the purchase price and pay such monies to the Australian Taxation Office (ATO) on or before settlement, unless the Vendor has obtained a Clearance Certificate from the ATO (Taxation Administration Act 1953(Cth) Subdivision 14-D).

 

Item J

RECEIPT OF COPY OF AGREEMENT (See Section 55(1)(c) of the Act)

A signed copy of this Agreement must be served, by the Agent, on the Buyer within 48 hours after signing by the Buyer.   If a copy was given at the time of signing, the Buyer(s) confirm having received such copy by initialing.                                                                                                 Buyer(s) initials: ……………

 

Clause 1.1

In this Agreement (which includes the Item Schedule) the following terms mean:

(1)

Act: the Property, Stock and Business Agents Act 2002 and Regulations thereto the Property, Stock and Business Agents Regulations 2014 as amended from time to time.

(2)

Agreement: this Agency Agreement, consisting of:

(a)

the Item Schedule – Statement of Property Details; and

(b)

the Item Schedule – Buyers Agency Agreement; and

(c)

the Terms of Agreement; and

(d)

any additional annexures, schedules or documents that may be attached.

(3)

GST: where used in this Agreement, has the meaning used in A New Tax System (Goods and Services Tax) Act 1999 and “GST” includes any applicable rulings issued by the Commissioner of Taxation.

(4)

Item: an Item in the attached Item Schedules forming part of this Agreement.

(5)

Retainer Fee: a non-refundable fee paid to the Agent, as detailed in Item (D) for the provision of services under this Agreement.

(6)

Termination Fee: monies payable to the Agent as detailed in Item (D) where the Buyer terminates this Agreement prior to entering into an enforceable Contract to purchase.

 

Clause 4.5

Should the Agent act in conjunction with other Agents to effect a purchase, only one Commission Fee will be payable.

 

Clause 6

The Agent having complied with its obligations under this Agreement and not having been negligent, the Buyer indemnifies the Agent, its officers and employees, from and against all actions, claims, demands, losses, costs, damages and expenses arising out of this Agreement in respect of:

(a)

the Buyer’s failure to comply with this Agreement; or

(b)

the Buyer’s failure to give the Agent prompt and appropriate authority or instruction, or sufficient funds to carry out an instruction or authority; or

(c)

the Agent acting on behalf of the Buyer in accordance with under this Agreement; or

(d)

the Agent incurring legal costs of employing the services of a credit collection agency to recover unpaid debts.

The Agent will be indemnified by the Buyer in respect of actions, demands, losses, costs and damages arising out of this Agreement or resultant upon any act, omission or negligence on the part of the Buyer.

 

Clause 7.4

The Agent shall be is entitled to Commission, Fees for services and reimbursement remuneration of Expenses (including any taxes or deductions debited by financial institutions against the Agent’s account and attributable to the affairs of the Buyer) in the amounts as set out in Items (C), (D) and (E) respectively, for the execution provision of services under this Agreement.

 

Clause 7.5

Such fees and charges shall be due & payable as set out in Items (D) and (E).

 

Clause 7.7(2)

In accordance with Section 55 of the Act, there will be no entitlement to commission or expenses for services performed unless a copy of this Agreement is served on the Buyer not more than 48 hours after being signed by the Buyer.

 

Clause 10

The parties agree and confirm this Agreement documents may be forwarded electronically to a person if that person the recipient has provided an email address or facsimile number, for delivery or service of documents, in the Item Schedule to this Agreement.

 

11 Jun 2015 v2.1

Copyright statement updated.

 

03 Sep 2014 v2.0

Additions / Changes:

 

The word 'Principal' has been changed to 'Buyer' throughout the Agreement due to the release of the Property, Stock and Business Agents Regulations 2014.

 

12 Mar 2014 v1.9

Additions / Changes:

 

Clause 13

Privacy Statement

13.1

The Agent collects and uses personal information provided by you as the Principal to provide the services required by you or on your behalf.

The Agent must comply with the provisions of the Australian Privacy Principles (Privacy Act 1988) and where required maintain a Privacy Policy.

13.2

The Privacy Policy outlines how the Agent collects and uses personal information provided by you as the Principal, or obtained by other means, to provide the services required by you or on your behalf.

13.3

You as the Principal agree the Agent may, subject to the Privacy Act 1988 (CTH) (where applicable), collect, use and disclose such personal information to:

(1)

potential vendors, to the extent required to prepare a contract for the purchase of the Property; and/or

(2)

property data collection agencies; and/or

(3)

Owner’s Corporations & financial institutions; and/or

(4)

other third parties as may be required by the Agent for the purposes of marketing, sales promotion and administration relating to the use of the Agent’s products and services and complying with legislative and regulatory requirements.

13.4

Without provision of certain information the Agent may not be able to act effectively or at all on the Principal’s behalf.

13.5

The Principal has the right to access such personal information and may require correction or amendment of any inaccurate, incomplete, out of date or irrelevant information.

13.6

The Agent will provide (where applicable), on request, a copy of its Privacy Policy.

 

02 Aug 2011 v1.8

Additions / Changes:

 

Item 3

AGENT   *(Where the Agent trades as a corporation, include the corporation’s licence number)

Name: ...........................................................................................................................................

Address: …………………………………………………………………….....…  ACN: …………………………

……………………………………………………………………………………...  ABN: …………………………

Phone: ..(….)……………………….. Fax: ..(…..)…………………….…. Mobile: ……………………………..

Email: ………………………………………….…………………………………………..………………………...

Licence Number/s*: ….………………………………………………….....……….  GST Registered: Yes/No

 

Item F

The Agent shall be entitled to retain Rebates, Discounts Commissions, Rebates and/or Commissions Discounts as disclosed  below:

 

Item G

ADDITIONAL INSTRUCTIONS

 

Item H

Note

The Special Conditions are inserted under instruction from a party to this Agreement and where not prepared by that party, were prepared by an Australian Legal Practitioner and not the Agent. No warranty is given by the Agent. Legal advice should be sought.

 

Item I

Signature of Principal

 

………………………………………….

Date: ……/……/……

Signature of Principal

 

………………………………………….

Date: ……/……/……

Signature of Agent

 

………………………………………….

Date: ……/……/……

 

The Principal acknowledges having received a copy of this Agreement together with a copy of the Sales Inspection Report.

 

Item J

A signed copy of this Agreement must be served, by the Agent, on the Principal within 48 hours after signing by the Principal. If a copy was given at the time of signing, the Principal(s) confirm having received such copy by initialing.     Principal(s) initials: ……………………

 

Clause 7.7

Unless otherwise stated, all prices of goods and services under this Agreement include (where applicable) GST.

 

Clause 10

The parties agree and confirm documents may be forwarded electronically if the recipient has provided an email address or facsimile number, for delivery or service of documents, in the Item Schedule to this Agreement.

By signing this Agreement all parties acknowledge agree to having given prior approval in accordance with the Electronic Transactions Act 2000 No. 8, for electronic transmission of this Agreement and any other related documents agreements for signing purposes or otherwise, by such means of communication as have been indicated in this document (ie. Facsimile numbers and email addresses).

 

Clause 13

13.1

The Agent collects and uses personal information provided by you as the Principal to provide the services required by you or on your behalf.

13.2

You as the Principal agree the Agent may subject to the Privacy Act 1988 (CTH) (where applicable), collect, use and disclose such personal information to:


(1)

potential vendors; and/or


(2)

data collection agencies; and/or


(3)

Owner’s Corporations & financial institutions; and/or


(4)

other third parties as may be required by the Agent for the purposes of marketing, sales promotion and administration relating to the use of the Agent’s products and services and complying with legislative and regulatory requirements.

13.3

Without provision of certain information the Agent may not be able to act effectively or at all on the Principal’s behalf. 

13.4

The Principal has the right to access such personal information and may require correction or amendment of any inaccurate, incomplete, out of date or irrelevant information.

 

15 Jul 2010 v1.7

Additions / Changes:


Clause 10

By signing this Agreement all parties agree to having given prior approval in accordance with the Electronic Transactions Act 2000 No. 8, for the electronic transmission of this Agreement and any other related documents, for signing purposes or otherwise, by as far as such means of communication as have been indicated in this document.


Clause 13

13.1

The Agent collects and uses personal information obtained from you as the Principal to provide the services required by you or on your behalf.  You as the Principal agree the Agent may collect, use and disclose such personal information in accordance with and subject to the Privacy Act 1988 (CTH) for (where applicable):


(1)

marketing; and/or


(2)

sales promotion and administration; and/or


(3)

legislative and regulatory requirements relating to promotion, administration and use of the Agent’s products and services.

13.2

Without provision of certain information the Agent may not be able to act effectively or at all on the Principal’s behalf. The Principal has the right to request the Agent provide details of such information and also correct any inaccurate or out of date information.

 

17 Nov 2008 v1.6

Additions / Changes:


Item 2

Solicitor/Conveyancer: ……………………………………………………………………………

Business Address: ………………………………………………………………………………..

Service of Documents Address: …………………………………………………………………

Phone: ………………………… Fax: ………………………… Mobile: ………………………..

Email: ……………………………………………………………………………………………….


Item 4

4.1 Type of Property: …………………………………….. ……………………………………..

4.2 Location: ………………………………………………………………………………………

4.3  Property Description (e.g. size, improvements):

4.4  Special Instructions (e.g. vacant possession):


Item 5

Maximum Price or Price Range the Principal is prepared to pay for a Property similar to the Property described in Item (4):  inconvenience

 

Maximum Price: …………………………

OR

Approximate Price Range: ...………………………….. to …………………………………


Item 6

Items (1) to (5) make up the Statement of Property Details required by the Act and have been completed by the Agent.

 

Agent’s Signature: …………………………………………. Date of Statement: …../…../……


Item A

The Agents authority to act commences on  …………..………… and concludes on ……………….. or at such time when a contract for the purchase of a Property becomes unconditional. Either party may terminate this Agreement in writing on the giving of not less than ……. days notice. Such termination will be without prejudice to either parties existing rights, duties or obligations.


Item B

1. The Principal authorises the Agent, in accordance with the Principal’s instructions as more particularly set out in this Agreement, to undertake the following duties. [Tick authorised options]

(1)

Locating & recommending suitable potential properties to the Principal

(2)

Enter into negotiations for the purchase of a Property on the Principal’s behalf

(3)

Participate in negotiating & exchange of a Contract for the purchase of a Property on the Principal’s behalf.

(4)

Bid on a prospective Property at auction on the Principal’s behalf.

(5)

………………………………………………………………………………………

(6)

………………………………………………………………………………………

(7)

………………………………………………………………………………………

(8)

………………………………………………………………………………………

(9)

………………………………………………………………………………………

2. Other authorisations/limitations:

……………………………………………………………………………………….......


Item C

(1)  Subject to this Agreement on the Purchase of a Property the Agent shall be entitled to a Fee of:

……………. ……………………………………………………………………..…… (Incl. GST)

(2)   Based on the Principal’s maximum Price Range (Item 5) the Fee would be    

......…………………………………………………….……………………………… (Incl. GST)

(Note: this amount will vary based on the actual Sale Price of a Property)


Item D

Fees payable to the Agent for Services [Enter details of Fees]

Description of Service/Fee

Fee (incl. GST)

* Due and Payable

Retainer Fee



Termination Fee












*  When Due and Payable is left blank, Fees for services are payable on receipt by the Principal of an itemised invoice.


Item E

The Principal shall reimburse the Agent for the following authorised Expenses incurred:

Description of Expense

Amount (incl. GST)

* Due and Payable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*  When Due and Payable is left blank, Expenses are payable on receipt by the Principal of an itemised invoice.


Item F

The Agent shall be entitled to retain Commissions, Rebates and/or Discounts as disclosed  below:

Source and details of Rebates, Discounts and Fees

Estimated Amount








Item H

Signature of Agent                                                      Signature of Principal

 

­­­­­­­­­­­­­­____________________________                         ____________________________

Date:  …../……./……..                                             Date:  …../……./……..

The Principal acknowledges having received a copy of this Agreement together with a copy of the Statement of Property Details.


Terms Header

Terms of Agreement (in conjunction with the Statement of Property Details & the Buyer’s Agency Agreement & Statement of Property  Details)


Clause 1

1.1

In this Agreement (which includes the Item Schedule) the following terms mean:

 

(1)

Act: the Property, Stock and Business Agents Act 2002 and the Property, Stock and Business Agents Regulations 2003 as amended.

 

(2)

GST: where used in this Agreement, has the meaning used in A New Tax System (Goods & Services Tax) Act 1999 and “GST” includes any applicable rulings issued by the Commissioner of Taxation.

 

(3)

Item: an Item in the Item Schedule forming part of this Agreement.

 

(4)

Retainer Fee: a non-refundable fee paid to the Agent, as detailed in Item (D) for the provision of services under this Agreement.

 

(5)

Termination Fee: monies payable to the Agent as detailed in Item (D) where the Principal terminates this Agreement prior entering into an enforceable Contract to purchase.

1.2

Other words and phrases not defined in this Agreement take on those meanings given to them in the Act.


Clause 2

By signing this Agreement the Principal(s) warrants and confirms:

(1)

having read this Agreement

(2)

having authority to enter into this Agreement.


Clause 3

In consideration of and in accordance with the terms of this Agreement, the Principal appoints the Agent and its permitted Assigns, to carry out the agreed services as listed in Item (B). and the Agent agrees to sell the Property for the Principal.  Authority vested in the Agent by this Agreement shall be deemed to be vested in the Agent’s authorised employees.


Clause 4

4.1

The Agent will use its best efforts to obtain the best possible purchase price, without breaching standards of ethical conduct or engaging in conduct that is contrary to good agency practice.

4.2

The Agent is authorised to undertake the duties more particularly set out in Item (B) and in so doing will have reference to the agreed established criteria in Items (4) & (5).

4.3

The Agent’s authority does not extend beyond the terms of this Agreement and the Agent will not be required to provide services not authorised by this Agreement.

4.4

Where an Australian Legal Practitioner is or will be acting for the Principal, the Agent must not participate in the exchange or making of the Contract unless expressly authorised to do so by the Principal or the Solicitor, and the Agent is aware of the liability under Section 64 of the Act.

4.5

Should the Agent act in conjunction with other Agents to the effect a purchase, only one Commission Fee will be payable.

4.6

In negotiations for the purchase of a property, the Agent must not exceed the maximum or agreed price fixed by the Principal without the express authorisation of the Principal or the Principal’s representative.

4.7

When the bidding at an Auction exceeds the maximum or agreed price fixed by the Principal, the Agent must not continue bidding without the express authorisation of the Principal or Principal’s representative.

4.8

If authorised by Item (B) to bid at auctions the Agent must comply with the Act in particular Section 67 and all requirements with respect to bidder’s record.

4.9

The Agent must keep the Principal informed of each stage of the negotiation of a purchase price, as instructed by the Principal.  This Clause does not apply to bids made in the course of an auction.

4.10

In so far as applicable Schedule 5 of the Property, Stock and Business Agents Regulations 2003 applies to this Agreement.


Clause 5

5.1

By completing Item (2) the Principal confirms it has authorised and instructed the Solicitor or Conveyancer named therein to act on their behalf.

5.2

The Principal must retain a signed copy of this Agreement.

5.3

Where the Agent is authorised in Item (B) to bid at auction, the Principal must provide proof of identification to complete the bidder’s record in accordance with the requirements of the Act.


Clause 6

The Principal indemnifies the Agent from and against all actions, claims, demands, losses, costs, damages and expenses arising out of this Agreement in respect of:

(a)

the Principal’s failure to comply with this Agreement; or

(b)

the Principal’s failure to give the Agent appropriate authority or instruction, or sufficient funds to carry out an instruction or authority; or

(c)

the Agent acting on behalf of the Principal in accordance with this Agreement.

The Agent will be indemnified by the Principal in respect of actions, demands, losses, costs and damages arising out of this Agreement or resultant upon any act, omission or negligence on the part of the Principal.


Clause 7

7.1

The Principal acknowledges the Agent is entitled to Commission if during the term of this Agreement (Item 5) if; Agency Period (Item A) the Agent introduces the Principal to a Vendor of a Property, or a Property and where:

 

(a)

a Property is purchased in accordance with this Agreement; or

a binding contract is entered into by the Principal  (or nominee) and completed; or

 

(b)

the Agent is the effective cause of a Property being purchased in accordance with this Agreement.

a binding contract is entered into by the Principal (or nominee) and not completed due to default on the part of the Principal (or nominee) to complete the purchase the of the Property.

 

A Purchaser shall include purchase of a property by the Principal or the Principal’s Agent or Nominee or in the case of ownership of the Property by a company, shares in that company.

regardless, in either case, of whether the contract is entered into after the term of this Agreement.

7.2

The Agent is entitled to Commission after the term of this Agreement if the Agent is the effective cause of the purchase.

7.2

For the purposes of Clause 7.1 the purchase of a Property shall include the purchase of shares in a company where that company is the owner of the Property.

7.3

The Commission as detailed in Item (C) of the Item Schedule will be due and payable on settlement of the purchase or if Clause 7.1(b) applies, on demand. The Agent will be entitled to the Commission if a contract of purchase is entered into and not completed due to the default of the Principal.

7.4

The Agent shall be is entitled to remuneration/reimbursement for Fees for services and remuneration of or Expenses in the amounts set out in Items (8) and (9) respectively, incurred while executing the services under this Agreement (including any taxes or deductions debited by banks or other financial institutions against the Agent’s account and attributable to the affairs of the Principal) in the amounts set out in Items (D) and (E) respectively, for the provision of services under this Agreement.

7.5

Should an enforceable contract be entered into but not completed due to any act or omission of the Principal the Principal agrees the Commission is payable to the Agent forthwith.

7.5

Such fees and charges shall be due & payable as set out in Items (D) and (E).

7.6

The Agent is entitled to retain any rebates, discounts and/or Commission in connection with services performed by the Agent in the capacity of the Agent for or on behalf of the Principal as disclosed in Item (10) of the Item Schedule.

7.6

The services and amounts detailed in this Agreement cannot be varied except with without agreement in writing signed by the Principal parties.

7.7

All prices of Goods and Services under this Agreement include GST.

7.8

The dollar amount of Commission in Item (8) of the Item Schedule will vary based upon the actual Purchase Price of the Property.

7.8

Failure to comply with the Act, Regulations or this Agreement may result in penalties against the Agent and prevent the Agent from recovering Commission and other monies under this Agreement.


Clause 8

The Agent makes no representation as to being a financial or investment advisor and will not give advice other than of a general nature.  For specific advice the Principal should consult its own advisors.


Clause 9

The Agent is entitled to retain any Rebates, Discounts and/or Commissions in connection with services performed by the Agent in the capacity of the Agent for or on behalf of the Principal as disclosed in Item (F).


Clause 11

Each party has received a signed copy of and understands this Agreement or has had the opportunity to obtain professional advice with respect tot his Agreement and each party acknowledges it is bound by the terms of this Agreement.


Clause 12

Any Special Conditions to this Agreement shall form part of this Agreement. Should there be inconsistency between the terms of this Agreement and a Special Condition, the Special Condition shall apply.

 

31 Jan 2006 v1.5

Additions / Changes:


Item 8

 

(a)

The Agent shall be entitled to commission (calculated as a percentage from the maximum GST exclusive purchase price in Item (7)) of:

Percentage:  ______ % + GST = $___________ (including GST),

OR

(b)

A Fixed Fee:

Amount:      $______     + GST = $___________ (Including GST),

OR

(c)

Refer attached schedule: ……………………………………………………………………………….


Clause 4.5

Should an enforceable contract be entered into but not completed due to any act or omission of the Principal the Principal agrees the Commission is payable to the Agent forthwith.


Clause 8

8.1

In this Schedule the following terms mean:

 

(1)

Administration Fee: The non refundable amount stated in Item (9) of the Item Schedule payable by the Principal.

 

(2)

GST: where used in this Agreement, has the meaning used in A New Tax System (Goods & Services Tax) Act 1999 and “GST” includes any applicable rulings issued by the Commissioner of Taxation.

 

(3)

Termination Fee: an amount, as stated in Item (9) of the Item Schedule, payable to the Agent by the Principal where the Principal terminates this Agreement prior to an enforceable contract being entered into by the Principal.

8.2

Other words and phrases not defined in this Agreement take on those meanings given to them in the Act.

 

06 Jan 2006 v1.4

Additions / Changes:


Clause 2

In consideration of and in accordance with the terms of this Agreement, the Principal appoints the Agent and its permitted Assigns and the Agent agrees to sell the Property for the Principal. Authority vested in the Agent by this appointment shall be deemed to be vested in the Agent’s authorised employees.


Clause 7

By signing this Agreement all parties agree to having given prior approval, in accordance with the Electronic Transactions Act 2000 No. 8, for electronic transmission of this Agreement and any other related agreements, for signing purposes or otherwise, as far as such means of communication have been indicated in this document (ie. Facsimile numbers & email addresses).

 

17 Mar 2005 v1.3

Additions / Changes:


Clause 5

The Agent collects and uses personal information obtained from you as Principal to provide the services required by you or on your behalf. You as Principal agree the Agent may collect, use and disclose such personal information in accordance with and subject to the Privacy Act 1988 (CTH) to third parties for (where applicable) marketing, and sales promotion and administration and as required for legislative and regulatory requirements and relating to promotion administration and use of the Agents products and services. Without provision of certain information the Agent may not be able to act effectively or at all on the Principal's behalf. The Principal has the right to request the Agent provide details of such information and also correct any inaccurate or out of date information.