Property Hammer Seller

PROPERTY HAMMER

TERMS AND CONDITIONS – SELLERS AGREEMENT

PROPERTY HAMMER TERMS AND CONDITIONS – SELLERS AGREEMENT These Terms and Conditions apply to and are binding on all Sellers participating in Property Hammer Limited (“PHL”) online property auctions. These Terms and Conditions apply to all PHL auctions for residential property in England and Wales. The laws of England and Wales shall apply and the English and Welsh courts shall have sole jurisdiction. This agreement confirms that you wish to appoint a PHL Partner to market and sell your Property. Address of Property to be sold:

__________________________________ __________________________________ ______________________________ ______________________________ Postcode ______________________

Seller’s details: Title

Surname(s)

Forename(s)

Contact Tel No(s)

1 2 3 4

Correspondence address

__________________________________ __________________________________ ______________________________ ______________________________ Postcode ______________________

2

Solicitor/Licensed Conveyancer

__________________________________ __________________________________ ______________________________ Buy it now price ______________________________ Postcode ______________________Auction date Tel No

______________________

Fax No

______________________

Commission:

1% of the final sale price plus VAT.

Signature

Date

If this contract is not signed by all owners of the property, then the signatory confirms that he/she is authorised to sign this contract on behalf of all owners of the property.

PHL Partner’s signature

Date

PRINT NAME _______________________

Area:

3

1.

The Seller appoints their local PHL Partner to market and sell the Seller’s property (the “Property”) for a commission of 1% of the final sale price plus VAT.

2.

The Seller agrees to grant their local PHL Partner access to their Property in order to perform a market appraisal and produce the virtual tour and marketing material to be included on the PHL website.

3.

The Seller agrees to provide all necessary information to produce the marketing material to the PHL Partner within 7 days of their instruction. By law, all information supplied about the Property must be accurate and not misleading.

4.

By signing these Terms and Conditions the Seller confirms that everything in the marketing material is correct. The Seller agrees to inform the PHL Partner if the marketing material is incorrect or if any changes take place which may later require the marketing material to be amended.

5.

The Seller confirms that they are aware that, if they have entered into a sole or multiple agency agreement with any other party in relation to the sale of their property, they may be liable to pay the other party commission in addition to any other costs or charges agreed with that other party if at any time unconditional contracts for the sale of the Property are exchanged with a Purchaser introduced by that other party during the period of their agency and under those terms.

6.

PHL or a person connected to PHL may offer potential Buyers services including mortgage arrangement, investments, life and general assurance, survey services, conveyancing and chattel auctions.

7.

The Seller agrees to instruct their Solicitor/Licensed Conveyancer to prepare a Sellers’ legal pack as soon as possible. The legal pack will be made available to view on the PHL auction website or can be obtained directly from the Sellers’ Solicitor/Licensed Conveyancer for a fee specified by them. The Property will be marketed on the PHL website for a marketing period (the “Marketing Period”) before the auction date.

8.

Potential Buyers will be able to view properties on the PHL website for the duration of the Marketing Period before the Property’s auction date. The standard pre-auction Marketing Period is 27 days and the online auction will take place on the day after the preauction Marketing Period expires (the “Auction Date”). Although these timescales are standard, they can be varied at the discretion of the Seller or PHL.

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9.

The Seller’s legal pack will comply with all current legislation including legislation governing Home Information Packs as in force and amended from time to time.

10.

The Seller agrees to give authority to their Solicitor/Licensed Conveyancer to give the undertaking annexed at the end of these Terms and Conditions.

11.

The Seller agrees to sign the auction contract prior to the Marketing Period or give their Solicitor/Licensed Conveyancer authority to sign the auction contract on their behalf.

12.

The Seller agrees that the auction cannot take place without the aforementioned undertaking or signed contract being in place.

13.

The Seller agrees to the Property being marketed on the PHL website at the Buy it Now Price. The Buy it Now Price is the market price at which the Seller is willing to sell the Property at any time during the Marketing Period. The Buy It Now Price will apply during the whole of the Marketing Period.

14.

If a potential Buyer pledges the full Buy It Now Price during the marketing period, the Seller agrees that the offer is immediately accepted.

15.

The Seller also agrees to a reserve price to be in force if the auction takes place should the Buy It Now Price not be attained during the Marketing Period. In this event, the Property will be sold to the highest bidder whose bid is in excess of the reserve price at the end of the auction period.

16.

The Seller agrees that the auction period is the period stated on the PHL website and previously advised to the PHL Partner.

17.

At the close of the auction, the PHL Partner will notify the Seller’s Solicitor/Licensed Conveyancer of the sale.

18.

The Seller agrees to instruct their Solicitor/Licensed Conveyancer to exchange contracts under Law Society Formula B within 2 working days of the close of the auction, with completion in 28 days or otherwise by mutual agreement. The Seller confirms that they understand that the contract is legally binding.

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