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Terms & Conditions of Engagement
 
SERVICE on behalf of Client
 
These Terms and Conditions of Service are intended to emphasise Earnest Knight Ltd commitment to you The Client and Your property requirements. We will describe the service that we provide and highlight instances where you are liable to pay us fees.
 
Description of service
 
Upon registration and for the duration of this contract you will be allocated a Personal Property Consultant who will clearly establish your property buying ambitions and help you to achieve them.
 
Your Property Advisor will alert you to properties that may suit your criteria. Your Advisor will use his/her best endeavours to alert you of property quickly so it is important that you provide the best contact details.
 
Because of the nature of the business in that the properties available are often offered at substantial discount, sales are agreed very quickly and therefore we offer them on a first come/first served basis. Once we have been instructed by you to agree a purchase of a property we shall accept your instructions and will not seek offers from any other clients on that property unless the purchase fails to proceed. It is very important to notice that Earnest Knight Ltd are not the Vendors of the property and are acting solely as an intermediary between you and the Vendor to facilitate an independent contract for the purchase of the property which you will enter into with the Vendor.
 
Our service will commence upon receipt of your signed Offer & Deposit Form and the receipt of £2,000 Reservation Fee.
Any agreed purchase cannot proceed without a receipt of the above mentioned duly signed.
 
FEES
 
We are committed to providing the best service in the market to try to ensure maximum benefit for our clients and that is why we encourage transparency. We charge a fixed fee to the client per property introduced Typically this fee ranges between £2,000 to £9,995 (unless otherwise stated on the individual property detail) and would always be stated on the particulars within the brochure and/or description of the property introduced and would always be clearly stated on the Offer & Deposit Form at the point of reservation of the property.
 
This will be displayed in the information you receive and confirmed by your advisor.
 
Unless confirmed in writing by us to the contrary, purchasers will be liable for both their own and the sellers reasonable legal charges.
 
The Arrangement Fee (Either £2,000 or £3,995 or £9,995 or otherwise) is charged in two stages:
Stage 1:  A reservation fee of £2000 (unless otherwise stated on the individual property particulars) is required to be paid to secure the property. The payment can be transferred to our bank account. Once the payment has been received the property is taken off the market and the instruction placed with the solicitors.
Please note: The property will remain available until the reservation fee has been paid.
We are actively supporting and promoting best practice and thus we would like you to know that at the stage of Reservation YOU ARE ENTITLED TO A 7 DAY COOLING OFF PERIOD commencing from the initial Reservation Date (receipt of either Offer & Deposit Form signed or £2,000 reservation fee received, whichever is the earlier). That means you are entitled to a refund of your fees paid to us only within this cooling off period. We strongly advise you to perform your own due diligence checks within this period to ensure you are satisfied with the property. At the expiration of that period your fee becomes non refundable and non transferable without any exception.
Stage 2:  7 calendar days from the initial Reservation Date (as described above) we will consider that you have satisfied yourself with the particulars of the property and the offer, thus the balance to the full Arrangement fee will become due.
Please note: If you fail to settle the balance to the full Arrangement fee within 48hrs of this date you may lose your reservation fee and the property will be made available to other clients once again.
We offer a quick sale service to sellers and we always try to secure the maximum benefit for our buyers.
 
Whilst no unreasonable demands will be made upon you to purchase in haste, you will be required to instruct Solicitors upon agreement of the sale (your signing of Offer & Deposit Form) and not unreasonably delay the transaction.
 
Where mortgage valuations or surveys are required we would expect these to be carried out within maximum of 7-10 calendar days of the Offer & Deposit Form being signed, aiming to complete the transaction from commencement (the reservation date) within 4 to 6 weeks.
 
As we deal with clients buying properties predominantly for investment purposes, we know that in some cases you would like to resell the property as quickly as possible. This paragraph is to explicitly make it clear (even though it is common knowledge) that you are not allowed to advertise the property publicly before you actually complete on the transaction; otherwise you would be in default of this contract.
 
Failure to adhere to these terms may lead to the property sale becoming abortive due to client default and your fee retained.
 
 
Payment Options
 
You hereby authorise us to present our accounts to your Solicitor/Conveyancer for payment and for these to be settled in accordance with this contract.
 
For the purposes of this Agreement we shall be deemed to have introduced a property to you if you receive information about the property from ourselves (or our authorised agents) where we are directly instructed by the seller, or via firms of Auctioneers, Estate Agents, Developers, Sourcing Agents or any other entity with whom we have an agreement to provide information on their behalf. If within 12 months from the date of a property being sent to you, you or any of your associates acquire this, our commission would be payable.
 
Fees due and not received within 10 working days of the due date may at our discretion be liable to interest at LIBOR plus 3%.
 
 
Money Laundering Procedure
 
In order to comply with our responsibilities, an electronic check may be carried out upon your subscription or first purchase, to verify your identity. Additional information may be required in order to complete the checks but our Client Services Department will advise you if this is necessary.
 
 
Complaints Procedure
 
We sincerely hope that you will have no cause for complaint, but if you feel that there is an issue you wish to address, please in the first instance advise your consultant, preferably in writing or by email. If you feel that the issue has not been dealt with to a satisfactory conclusion, please write to the Compliance Department:
 
Either by email to: compliance@earnestknight.com
 
Or by Post to:
Earnest Knight Ltd, EC-03 Ferry Quays, 6 Ferry Lane, Brentford, London, TW8 0BP
FREQUENTLY ASKED QUESTIONS
 
How do you find properties for me?
 
Earnest Knight have many years of experience and a widely developed network of contacts, links and affiliate schemes attracting hundreds of prospective sellers to us every week. Many of these sellers require a full market value sale but a smaller proportion are willing and able to sell at discounts suitable to enable us to offer the property to you once we have secured the lower price.
 
Do you advertise the properties?
 
No. We try to secure all of the properties as off market deals and spend considerable time to try to achieve the lowest price we can. Once the price for the property/properties is secured we reserve the right to offer those properties through our network of agents and investors, but we still do strive to keep all of those offers as off market and private and confidential, to ensure the maximum benefits to the purchasers.
 
 
How do you assess the values?
 
The property will undergo quality checks, such as comparison to other properties currently for sale and previously sold in the area, rental/yield assessment and wherever possible we will also instruct and pay for a Desktop Valuation as part of our due diligence process.
 
We have access to many of the same valuation tools used by Valuers and Surveyors and so we will give you as much information as we are able to collect during our own due diligence process that could assist you.
 
Does that mean that I do not need a valuation/survey?
 
NO. If you are applying for a mortgage your lender will insist on a valuation. In any event we strongly urge all buyers to obtain independent verification of condition and value and to perform their own due diligence. Your Solicitor will check that everything is acceptable with the property legally.
 
 
How quickly do I need to purchase?
There is no undue pressure but please remember that the sellers often require a fast sale in return for you benefiting from a good price. Generally, as long as you do not hold things up by, for example, not returning papers swiftly to your Solicitor, the sale will proceed well and as an added bonus and good will from our side, we will try to keep a very close eye on things to ensure that everything proceeds as quickly and smoothly as possible.
 
Do I have to use your Solicitors or Mortgage Advisors?
 
No. We know some very efficient professionals and can pass your details to them if you wish but if you would rather use your own contacts that will be fine. With some transactions sellers insist on using a certain company for buyer and seller, but we shall make you aware of this before you purchase in these rare cases.
 
Are you able to arrange for building works, decorating, letting of any property I purchase with you?
 
Yes, subject to an additional fee. At this stage, however, we are acting only as your Introducer and do not generally become involved in matters post-sale, but as our personal desire is to try to assist our clients wherever possible we can certainly give our best to try to accommodate you. If however you require any guidance in this regard please do not hesitate to contact your Consultant.
 
 
Once I have bought a property what happens next?
 
Your Consultant will assist you and contact you on a regular basis giving updates as to the condition of the market, rental, values in the area, etc so that you can make an informed decision in the future as to whether you wish to purchase again and build your portfolio, or not.
 
 
 
 
 
 
 
 
 
 
 
LIABILITY
 
Information Provided
 
Information passed to you by email, post or verbally is done so in good faith and we take every reasonable step to ensure that information that we provide is correct. However, due to the nature of the business we cannot be held liable as to the accuracy and you must therefore satisfy yourself as to the reliability of any information or details provided before making an offer or travelling to see a property. We do not always carry out personal inspections of the property.
 
In deciding whether or not to proceed with a purchase it is essential that you employ the services of a Solicitor/Conveyancer, Surveyor/ Valuer, and any other relevant specialists. When requested we will provide information about specialists such as surveyors, solicitors, building contractors and so on. In doing so, we can take no responsibility for the standard of work carried out, cost or any other aspect. We recommend that you carry out your own checks to verify the suitability of any specialists that you use.
 
The services provided by us are purely commercial and are not designed to comment on, or inform you about the structural condition of a property, issues of a legal nature such as title, searches, planning, covenants, etc, and therefore we are unable to make any form of warranty, guarantee, or assurance about a property, market, future rent, figures, etc. Investment advice is not given.
 
Property prices are subject to market forces and can go down as well as up, and this also applies to rents and rent ability. We strongly suggest that you perform your own due diligence before taking out a mortgage or loan, or make your purchase.
 
The advice that we give you is for personal private use only and no responsibility can be accepted to third parties. It is not intended that a party should have a right to enforce the conditions of this Agreement under the Contract Rights and Third Parties Act 1999. We can, under no circumstances, accept liability for any damages or losses incurred by you and arising out of a breach of contract. By providing you with information about properties, we shall be deemed to have fulfilled our obligations to you.
 
In the event of a breach by us or subject to details of the Refund Procedure over, your remedies will be limited to damages only and in no circumstances exceed the total amount of any fees you have paid to us.
 
This Agreement shall be governed by and be construed in accordance with the Laws of England and Wales.
 
 
 
 
SIGN AND RETURN
 
 
I/We confirm that I/we have read and accepted these Terms and Conditions.
 
Signed by the client:
 
…………………………………………………………………………………………………………………………
 
Date: ………………………………………………
 
 
 
 
Signed by and on behalf of Earnest Knight Ltd
 
………………………………………………………………………………………………………………………….
 
Date: ……………………………………………….
 
 
 
 
 
Cancellation Rights
 
Where you are a consumer client and this contract is entered into within your home or place of work, you have a right to cancel the contract.
 
Cancellation will need to be in writing, sent via registered post to the office address or via an acknowledged email to compliance@earnestknight.com within 7 calendar days of the date of this contract or the email confirming acceptance of the terms.
 
Unless otherwise agreed in writing by the Company Director, these Terms and Conditions shall represent the entire basis from which services are provided by us to you, and shall represent the entire agreement between us.
 
 
 
 
 
 
 
Earnest Knight Ltd
EC-03 Ferry Quays
6 Ferry Lane, Brentford
London TW8 0BP                                                             
United Kingdom                                                              0800 3689 317     or     0208 6109 472

    Copyright © 2005 - 2018 Earnest Knight Ltd

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