Last Updated: Jan 2023
Introduction
RE/MAX Coimbatore is a Franchise operation of RE/MAX US and RE/MAX India Ltd (“Franchise operated by Global Innovision”) is committed to protecting your privacy. This terms talks about the rental and sale process and as our services are leveraged, all clients abide to this. We get email or written acceptance before we can proceed with providing services to the client.
REMAX Coimbatore – Legal Terms and Conditions. The client accepts the terms of the brokerage, timeline and also below conditions to the fullest before taking on REMAX Coimbatore services (for both sale and rental). Any deviation to this to be pre approved and agreed by customer before taking our services. If the deviations has not written approval, all below terms apply unanimously.
Brokerage Amount: The value of brokerage to be paid, this varies to each transaction, the amount which will be pre-approved by the client before using our services.
Rental – For rental this is generally 1 month rental amount. This value is also determined and accepted by client before the start of engagement.
ReSale – This percent varies from 1 to 4% of the sale value. The exact percent is also determined before start of engagement and with written approval from our customer.
Payable at: The time at which the brokerage amount to be paid. Based on the type of engagement, this is generally at the time of paying token amount or advance amount or before time of registration.
Rental Properties – For rental/lease transactions the brokerage amount to be paid fully at the time of finalizing the property and when paying the first part of advance amount to the customer.
Sale Properties – For sale transactions 50% of brokerage amount to be paid at the time the buyer pays the first part of advance to the seller and remaining 50% to be paid before the date of property registration.
Included Services: The services by our office will include understanding customer needs, identifying the property, showing of property to the customer, showing alternate properties, discussion with landlord and/or seller before finalizing the property, help with any negotiations before finalizing the property and all the way up to paying the first part of advance to the customer. Once the customer (tenant or buyer) has finalized and paid first part of advance our service ends and our brokerage amount to be paid. For rental, the introduction of tenant and landlord will happen (either directly or through conference call) before paying the first part of advance amount and after that it will be taken forward by both of them (tenant and landlord) mutually. Our office will not be involved in those proceedings. For Resale, we will be supporting till documentation and till final day of registration, where our service ends the day before the document registration. There will be no refunds of any sort if the transaction cancels or did not proceed forward by any of the parties involved. If transaction got cancelled by tenant, landlord, buyer or seller – in any case we do not provide refunds. The customer fully agrees to this before using our services.
Violations to the terms:
There are a few conditions during which the terms are violated, which are considered breach of the agreement and will result in legal proceedings or cancellation of the deal.
Violation 1: Not paying the specified brokerage amount.
Violation 2: Not paying the brokerage at agreed upon time.
Violation 3: By passing the broker and contacting the other party with intent to close the sale or rent.
Violation 4: By passing the broker and engaging a different party (family or non-family) to reach the owner directly with intent to close the sale.
Violation 5: Finding means to avoid paying brokerage and pursing the same property through different contacts directly with the owner/landlord.
Arbitration and Disagreements if violation found: Both Parties shall co-operate with each other for completely carrying in to affect the provisions of this agreement and agree to settle all dispute among themselves in a peaceful and amicable manner. This terms shall be governed by and interpreted in accordance with the laws of India. All disputes, differences, disagreements, controversies or claims arising out of or in connection with this Deed, including the validity, effect, and interpretation thereof, shall, at the request of either party, be referred to the sole arbitrator mutually appointed by all the parties, who shall conduct the arbitration proceedings in English and in accordance with the provisions of the Arbitration and Conciliation Act, 1996, or any amendment or statutory modification or replacement/substitution thereof. Any award made by the arbitrator shall be final and binding on the Parties. The cost and expenses of the arbitration proceedings, including fees of the arbitrators, shall be borne by client if proved guilty. The venue of arbitration shall be as mutually decided by the parties. No oral agreements before or after this agreement will stay in force. All agreements should be in writing.
Penalties: If any violation is found, that will result in legal action to pursue the brokerage amount. If legal action is taken and proved, then the client is responsible to pay up to 10 times the brokerage amount and the legal prosecution charges.