TERMS AND CONDITIONS
(As regulated under the Property Stock and Business Agents Act 2002). I/We understand and are satisfied with the manner in which Providence Property Group is to locate and/or negotiate a property on our behalf as described in the Schedule of Services.
Principals Authority
The “Principal” (hereafter referred to as the “client”) warrants it has the authority to enter into this
exclusive agreement.
Period of Agreement
The client grants Providence Property Group exclusive rights to search for and appraise property, negotiate the purchase of property and bid at auctions on behalf of the client for a period of Four (4) months from the date of this agreement. At expiry, the exclusive rights continue until such time as the client purchases a property or the agreement is terminated in writing by either party.
Commencement
This agreement commences on the date of this agreement and ends on the date of payment by the client to Providence Property Group of the total fee.
Agent Remuneration
The engagement fee is non-refundable and payable prior to the services commencing. For the avoidance of doubt, the engagement fee is payable even if a property is not subsequentially purchased.
An additional engagement fee may be charged if the client substantially changes the search criteria from the original Buyers’ Brief during the agreement period (e.g. different area/price range). Payment terms for the total fee is on exchange. Where a client wishes to purchase or negotiate a second property during the agreement an additional engagement fee and total fee is payable for each property purchased as per the schedule of fees.
During the term of the agreement (and 90 days from expiry or termination) the client is required to pay the total fee (i.e. inclusive of any success fee and/or auction attendance fee) for any property purchased by the client (regardless of who finds or introduces the property). If during the term of the agreement, the client enters into a contract of sale to purchase a property, the client is required to pay the total fee. If during the term of this agreement, or within 90 days of its terminations, the client procures another person or entity to enter into a contract for the purchase of a property introduced by either party, the client must pay the total fee.
Without prejudice to the foregoing, the Principal any unpaid portion of the total fees due if any one of the following occurs:
The Principal:
a. enters into a contract for the purchase of, or an option to purchase, any Property, irrespective of whether that contract allows a cooling-off period;
b. procures another person or entity to enter into a contract for the purchase of, or an option to purchase, any Property, irrespective of whether that contract allows a cooling-off period;
c. where any Property is owned by a company:
(i) enters into a contract for the purchase of any shares of that company;
(ii) procures another person or entity to enter into a contract for the purchase of any of the shares of that company; or
(iii) by any means whatsoever becomes the legal or beneficial owner or both of any of the shares of that company; or
d. by any other means whatsoever becomes the legal or beneficial owner or both of any Property.
Financial and Investment Advice
Providence Property Group inclusive of all directors and employees takes no responsibility for the accuracy of any contracts of sale and/or vendors statement and recommends clients seek their own independent legal and financial advice appropriate for their personal situation.
WARNING: Any financial or investment advice provided by the agent to the client is of general nature only whose preparation does not take into account the individual circumstances, objectives, financial situation or needs of the client. The client is strongly advised to seek their own independent legal, financial or investment advice.
Acknowledgement
The client acknowledges being served with a copy of this agreement.
Contract of Sale
The Buyers’ Agent is not authorised to enter into or sign a contract of sale on behalf of the client, unless they hold a power of attorney as instructed by the client.
Confidentiality
The client agrees to keep strictly confidential all information provided by Providence Property Group during the course of the agreement. The client must not transmit details of properties or research reports or any information provided by any third parties without the express permission of Providence Property Group. This clause remains after the termination of the agreement
Material Fact
The client warrants it has supplied Providence Property Group in writing with all the material facts in respect of its proposed acquisition. In this clause “material fact” has the same meaning as in Section 52 of the Property Stock and Business Agents Act (NSW) 2002.
Conjunction
Unless otherwise instructed, the Buyers’ Agent may allow other agents to act in conjunction with them in order to effect a purchase.
Agreement Negotiable
The Principal acknowledges that, to the extent they are not prescribed by legislation, the terms of this agreement are negotiable between the Principal and the Agent, and any changes must be agreed in writing. The Principal has had the opportunity to obtain independent advice on the terms and conditions of this Agreement.
Termination
This agreement may be terminated by either party giving 30 days notice in writing (however termination does not waive the right to fees payable for properties introduced by either party during the agreement period). In the event of a termination prior to the end of the first four months, the client agrees to pay Providence Property Group a termination fee equivalent to the initial engagement fee (to cover expenses).
Without prejudice to the above, the Agent shall be expressly entitled to terminate this Agreement by notice in writing (whether during the Exclusive Agency Period or the Continuing Exclusive Agency Period) if the Principal:
i. fails to give adequate instructions or provides false, misleading or contradictory instructions to the Agent at any time;
ii. fails to disclose, or conceals, anything of a material nature which the Agent may have an obligation to disclose to a vendor which may subject the Agent to disciplinary action or prosecution by a regulator or liability to any third party;
iii. changes the location, price range, property type or other features of the Property sought to be acquired;
iv. fails to secure finance for the purchase of a Property and is unable to proceed with a purchase as a result;
v. repeatedly fails to select a Property to purchase despite the Agent presenting Properties that substantially meet the Principal’s criteria as to location, price range, type and other features; or
vi. has unreasonable expectations as to the price range of a Property having regard to its location, type and other features.
Agents Indemnity and Liability
The client holds and keeps indemnified the Buyers’ Agent against all actions, suits, claims, costs, demands and other expenses whatsoever which may be taken or made against the Buyers’ Agent in the course of or arising out of the proper performance or exercise of any of the powers, duties or authorities of the Buyers’ Agent under this agreement, including council decisions to change laws surrounding construction of granny flats or denial to build extensions, renovations or subdivision.
Professional and OTHER ADVICE
The client acknowledges that all advice provided is general in nature and subject to the inherent volatility of the real estate market. The agent's advice does not form legal advice, town planning, building, architectural or other professional advice. The client must rely upon their own inquiries of any statutory authorities (Council, sewerage, water, environmental) to establish the quality or suitability of the property for their purposes.
Joint and Several
If a party consists of more than one person or legal entity, this agreement binds them jointly and each of them severally.
Disclaimers
The Agent does not make any representations or warranties as to the accuracy of any information supplied to the Principal by the Agent in good faith and which has been sourced from third parties, property portals or property data providers.
The Agent disclaims all responsibility for any services provided by a third party introduced to the Principal by the Agent including building and pest inspectors, strata inspectors, environmental experts, solicitors or conveyancers.
Disclosure of Rebates, Discounts and Commissions
In respect of any expenses to be incurred by the Client or the Buyer’s Agent on the Client's behalf pursuant to this Authority or if the Buyer’s Agent refers a person to a non-independent service provider, the Buyer’s Agent discloses that it may receive rebates, discounts, commission or benefits from third parties.
Long-Term Investment Acknowledgment
The Client acknowledges that residential property is a long-term investment. While short to medium-term capital growth may occur and is considered in acquisition strategy, such outcomes cannot be expected, guaranteed or relied upon. Providence considers a minimum holding period of 7–10 years to be prudent, having regard to acquisition and disposal costs, holding expenses and normal market cycles. The Client understands that property markets operate in cycles and may experience fluctuations or periods of limited or slower growth, and that no representation is made regarding capital growth within any specific timeframe.
Privacy
i. The Privacy Act 1988 (Cth) (Privacy Act) allows personal information to be collected, held, used and disclosed for the purposes for which it was collected as notified to users and otherwise in accordance with the Privacy Act.
ii. This clause outlines how the Agent collects, holds, uses and discloses the Principal’s personal information (as that term is defined in the Privacy Act). This clause only applies to the extent the Agent collects, holds, uses and discloses personal information.
iii. The Agent may collect, hold, use and disclose personal information the Principal provides to the Agent in connection with this agreement or collected from other sources for the following purposes:
(a) identifying and verifying the Principal;
(b) acting on behalf of the Principal in accordance with this agreement;
(c) arranging inspections and reports in respect of any Property;
(d) negotiating on behalf of the Principal for the purchase of Properties in accordance with this agreement;
(e) registering the Principal at an auction and bidding on behalf of the Principal at the auction of a prospective Property;
(f) liaising and exchanging information with the Principal and each of the Agent’s and Principal’s legal and other advisors in relation to or in connection with any purchase of a Property (including with respect to the contract for purchase);
(g) managing, serving and signing (or arranging signing of) this agreement and managing any purchase of the Property and the preparation of any required statements of account;
(h) assisting with the exchange of contracts for the purchase of Property;
(i) complying with any applicable law or any dispute resolution process; and
(j) contacting and liaising with third parties (including, without limitation, goods and services providers and insurers) and providing those third parties with the Principal’s personal information.
iv. If the personal information outlined in this agreement or requested by the Agent is not provided by the Principal, the Agent may not be able to act on behalf of the Principal effectively or at all. The Agent may also not be able to discharge its obligations in this agreement. It is impracticable for the Agent to deal with a Principal who has not identified him, her or itself or used a pseudonym.
v. Personal information collected about the Principal may be disclosed by the Agent for any of the purposes for which it was collected (as outlined above) to other parties including the Agent’s and the Principal’s legal and other advisors, advertising and media organisations, property data service providers, contractors and actual and potential vendors of any Property, property inspection service providers, clients of the Agent both existing and potential, tradespeople, strata owners corporations, valuers, government and statutory bodies, financial institutions, REINSW (which provides technical and other assistance to the Agent to effect the matters set out above) and other third parties (including, without limitation, goods and services providers and insurers), government agencies, courts, regulatory bodies, and law enforcement agencies, or as required, authorised or permitted by any applicable law.
vi. The Agent may also use the Principal’s information including personal information for marketing purposes to inform the Principal of products and services provided by the Agent, which the Agent considers may be of value or interest to the Principal, unless the Principal tells the Agent (by ticking the box below) or has previously told the Agent not to.
If the Principal does not wish to receive any information about such products and services then please notify the Agent using the Agent’s contact details set out earlier in this agreement.
vii. The Principal has the right to request access to any personal information held by the Agent which relates to the Principal, unless the Agent is permitted by law (including the Privacy Act) to withhold that information. The Principal also has the right to make a complaint about the way in which the Agent has handled the Principal’s personal information or that the Agent may have breached this clause or the Privacy Act. The Principal also has the right to request the correction of any personal information which relates to the Principal that is inaccurate, incomplete or out-of-date.
viii. Any requests for access to a Principal’s personal information or any complaints should be made in writing to the Agent at the contact details included in this agreement.
ix. The Agent may charge a reasonable fee where access to personal information is provided (no fee may be charged for making an application to access personal information).
x. The Agent will take reasonable precautions to protect the personal information it holds in relation to the Principal from misuse, loss, unauthorised access, modification or disclosure.
xi. The Agent may disclose the Principal’s personal information outside of Australia. In doing so, the Agent will take reasonable steps that are reasonable in the circumstances to ensure that any overseas recipient will deal with such personal information in a way that is substantially similar to, or consistent with, the way in which the relevant Australian Privacy Principles in the Privacy Act protects such personal information.
xii. By signing this agreement, the Principal:
(a) acknowledges that it has read, understands and accepts the terms of this clause; and
(b) provides express permission to the Agent to collect, hold, use and disclose personal information in a manner described in this clause.