Execution of this Agreement
By completing the online form and transferring the £250 concierge fee to Sourced Client Account, the client is entering into a legally binding agreement and conﬁrms that the client has read and agrees to the terms and conditions of this agreement.
This agreement will start from the effective date of the transaction and continue until terminated with 30 days written notice to either party via letter – Sourced, Unit 5, Turnstone Business Park, Mulberry Avenue, WA8 0WN or email – email@example.com.
Sourced are offering clients free legal fees if a member of the Sourced team does not find a property that meets the clients pre-approved criteria within 30 days, the terms of this offer are:
- The 30 days start from the day the sourced to order form is completed and the funds are cleared in the sourced client account
- The client must use the solicitor recommended by Sourced
- The client shall only receive free legal fees if they purchase a property from Sourced, paying a sourcing fee in full
- Sourced will only pay the legal fee and not disbursements
- Free legal fees only applies to residential properties. If the property is commercial a contribution can be made, and will be discussed on a project basis
A 2% commission/ sourcing fee is based on the purchase price of the property or £2,000 + vat (whichever is greater) applies. The £250 concierge fee will be deducted from this on payment of commission.
The Commission Amount
The commission the client pays to Sourced is based on the total value of the transaction of the purchase of the property including the price of ﬁxtures and ﬁttings. The total value of the transaction will also include the value of any cash consideration put forward by the buyer including any property exchanged. The amount charged will be either the percentage rate or the speciﬁed amount shown, subject to any minimum fee detailed above.
Settlement of Commission
(a) Fees become due at exchange of contracts or (if there is no contract) upon completion of the sale.
(b) Responsibility for Fees: The responsibility for the payment of these fees remains with the Client named on the sourced to order agreement. Sourced will submit its invoice to the client who should settle the payment no later than seven working days. If the account remains unpaid after the due payment date Sourced reserves the right to charge daily interest non-compounding on the outstanding balance at an annual rate of interest of 4% above Bank of England base rate from the due payment date until payment is received in full.
The date on which the agreement is entered in to by all parties.
Provision of Services
Sourced shall provide the services to the client on the terms and conditions of this agreement from the Effective Date. Sourced shall perform the property sourcing services with reasonable care and skill in accordance with generally recognised commercial practices and standards; and in accordance with all laws and regulations.
In consideration of the provision of the services by Sourced, the client shall pay Sourced fees as set out herein. All service fees are quoted to the client exclusive of VAT, which Sourced shall add to its invoices at the appropriate rate. The client shall pay each invoice submitted to it by Sourced, in full and in cleared funds, within 7 days of receipt upon exchange of the investment opportunity.
The client may at any time during the term of this agreement request a change to the services by notifying Sourced in writing of its requirements. Via letter – Sourced, Unit 5, Turnstone Business Park, Mulberry Avenue, WA8 0WN or email – firstname.lastname@example.org.
Each party will only use conﬁdential information to perform its obligations under the agreement and will not cause or allow the information to be disclosed except where required by law, court order or any governmental or regulatory body.
Sourced warrants and represents that it has made, and under-takes that at all times during the term of this agreement it will maintain, any notiﬁcation and registration required under the Data Protection Act 1998 (DPA) that relate to the performance of its obligations under this agreement.
Either party may terminate this agreement by giving the other party 30 days’ prior written notice, any investment opportunity introduced to the customer by Sourced before or during the termination period will be liable for the full fee should the client exchange or complete in the following 12 months. If the £250 concierge fee has not been spent as a contribution toward a sourcing fee £250 concierge fee will be returned in full after the 30-day termination period.
Governing Law and Jurisdiction
This agreement shall be governed by and interpreted according to the law of England and Wales and all disputes arising under this agreement (including noncontractual disputes or claims) shall be subject to the exclusive jurisdiction of the English and Welsh courts.
Under the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 the supplier is legally obliged to undertake Customer Due Diligence. This will require amongst other things, the client to produce evidence of identiﬁcation and proof of residential address.
In this agreement words referring to the masculine include the feminine and words in the singular include the plural and vice versa in each case.
ID Verification This is not shared with anyone and its solely for Anti Money Laundering checks required with this type of investment.
Sourced is a trading name of Jark-1 Limited. Jark-1 Limited is registered in England and Wales. Registration no.: 10852300. Registered Address: Unit 5, Mulberry Avenue, Widnes, WA8 0WN. Sourced accepts no responsibility for any investment decisions a client takes and does not warrant that all information provided is free from inaccuracies. The value of investment property or income from it can go down as well as up. All projections including yields are estimates only and should not be relied upon. If in doubt, please seek the advice of a duly qualiﬁed person.