1. Acceptance of Terms and Conditions The Client shall be deemed to have accepted and agreed to these Terms and Conditions, which shall prevail over any other terms and conditions put forward by the Client, when the Client requests the Company to carry out any of the Property Sourcing Intermediary search for the Client.
2. Definitions Company means Libra Spaces Ltd trading as James Property Club (“JPC”).
Client means any person or entity engaging the Company’s services.
Buyer means a Client seeking to acquire property.
Fee means the sales commission is at a rate of 2% plus VAT of the agreed property sale, subject to a minimum fee of £2,500.00 plus VAT per property
Introducer means in the context of persons Introduced, any person who becomes aware of the Client’s interest in property in the relevant area as a direct or indirect result of any action taken by the Company, including any communication between the Company and any other person and in the context of land or property Introduced, any land or property of which the Client becomes aware as a direct or indirect result of any action taken by the Company, including any communication between the Company and any other person, even if such action by
the Company did not cause the purchase of the property by the Client.
Legislation means the Estate Agents Act 1979, the Supply of Goods and Services Act 1982 and/or Unfair Contract Terms Act 1977 as so far as they apply; particular Legislation is, unless stated otherwise, a reference to:
(a) amended, consolidated or re-enacted from time to time;
(b) all subordinate legislation made under it from time to time
Seller means a Client seeking to dispose of property.
Property means any property introduced or marketed by the Company. Property Sourcing Intermediary means the service described in clause 3.
3. Nature of Services The Company operates as:
- an estate agent for the Client under the Estate Agents Act 1979;
- a Property Sourcing Intermediary service for the Client.
- The Company will act on behalf of the Client for the purposes of marketing and selling the
- Client's property.
- The Company will use reasonable endeavours to:
a. Conduct a full internal market appraisal based on recent comparable sales and property
conditions;
b. Prepare a written valuation and investment summary including Gross Development Value
(GDV);
c. Produce professional marketing materials and list the property on our investor
marketplace and/or approved partner platforms;
d. Undertake due diligence on all interested buyers (including Proof of Funds or Mortgage
Decision in Principle).
e. Coordinate reservation, ID/AML checks, and facilitate solicitor instructions.
f. Provide general support and guidance throughout the sales process up to legal
completion.
Unless expressly agreed in writing, the Company does not act as a financial adviser, investment adviser or legal adviser, does not provide regulated financial advice, does not carry out valuations, and does not have authority to bind a Buyer or Seller contractually.
The Company shall provide the Property Sourcing Intermediary service to the Client in consideration of the Client paying the Fee to the Agent, subject to these Terms and Conditions.
On receiving from the Client details of the Clients requirements for the property, the Company shall, for the Client use reasonable endeavours which meet the requirements specified to the Company by the Client.
The Company provides Property Sourcing Intermediary services to businesses and shall act with reasonable care and skill and act in accordance with applicable Legislation.
4. Fees and Payment The Client shall pay the Company the Fee payable immediately upon the successful completion of the sale of the property to the buyer.
If the property is withdrawn following an offer being accepted the Company reserves the right to charge reasonable costs.
All amounts stated are exclusive of VAT and any other applicable which will if applicable be charged in addition at the rate in force at the time the Client is required to make payment.
If the Client does not make a payment by the date provided for in these Terms and Conditions, then the Company shall be entitled:
- to charge interest on the outstanding amount at the rate of 4% above the base lending rate of Barclays Bank Plc, accruing daily; and
- not to perform any further Property Sourcing Intermediary services.
When making the payment the Client shall quote the relevant reference numbers and the invoice numbers.
The Client is responsible for their own legal costs.
5. Reservation Fees and Client Money Reservation fees are held in a designated client account.
The handling of client money shall comply with applicable Legislation.
6. Parties Obligations The Client may set a minimum sale price and the Company will provide an appraisal and market recommendation based on:
- Local compatible data;
- Condition and investment potential;
- RICS valuation expectations.
The is not a formal property valuation, which if you need one should be conducted by a qualified surveyor.
The Company shall not make any changes to the agreed minimum price shall occur without the Client's prior written consent.
The Company will promote the property to its investor network and marketplace and the Client reserves the right to:
a. Accept or reject any offer.
All offers will be communicated to the Client with a reasonable time and in writing.
The Client shall immediately inform the Company if the property is listed elsewhere or should become listed.
Should the Client receive an offer directly they should immediately inform the Company.
7. The Sale Process The Company shall take reasonable steps to carry out:
- Preparation of marketing materials and valuation;
- buyer reservation signed and reservation fee payment completed;
- Identification/AML verification;
- Memorandum of Sale issuance;
- Solicitors' recommendations;
- Survey and mortgage arrangement (if applicable);
- Liaise with relevant professional bodies to support exchange of contracts;
- Liaise with relevant professional bodies to support Completion.
The typical timescale from accepting an offer and completion is 90 days but this is not guaranteed and depends on the complexity of each property sale.
8. Referral Fees and Conflicts of Interest The Company may receive referral fees or commissions from third parties, including but not limited to mortgage brokers, solicitors and other property professionals.
The existence of such arrangements will be disclosed to the Client prior to engagement or as otherwise required by law.
Clients are free to instruct alternative advisers.
9. Exclusivity and Non-Circumvention Where a property is introduced to a Client by the Company, the Client must not bypass the Company in relation to that property.
This restriction applies for a period of 12 months from introduction.
Breach of this clause 9 shall result in liability for the greater of the agreed fee or 3% of the purchase price (minimum £5,000 + VAT).
10. Confidentiality Each party (Receiving Party) shall keep all information relating to the other party (Supplying Party) confidential and secret, whether disclosed to or received by the Receiving Party. The Receiving Party shall only use the information of the Supplying Party for the Property Sourcing Intermediary services and for performing the Receiving Party’s obligations under the Agreement. The Receiving Party shall inform its officers, employees and agents of the Receiving Party’s obligations under the provisions of this clause 12, and ensure that the Receiving Party’s officers, employees and agents comply with those obligations.
11. Limitation of Liability The Company shall endeavour to ensure that all information passed to the Client about any property is accurate and does not mislead. However, the Company is not responsible for the accuracy of any information provided to the Company by the Client or their agents or for the accuracy of any entry in any public register, and shall not be liable for any loss or damage resulting from the inaccuracy of any such information. The Company shall use reasonable endeavours to highlight any material inaccuracies of which it is aware, but shall not verify any information provided to it unless instructed by the Client to do so.
The Company gives notice and the Client acknowledges that, in respect of any particulars of a property provided to the Client:
a. the particulars do not constitute any part of an offer or a contract;
- all statements made in the particulars are made without responsibility on the part of the Company;
- none of the statements contained in the particulars is to be relied on as a statement or representation of fact;
- the Company nor any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property.
The Company shall not be liable for investment performance, changes in market conditions, lender decisions, or actions or omissions of third parties.
Subject to Legislation, the Company’s total liability shall not exceed the total fees paid by the Client in respect of the relevant transaction.
Nothing excludes liability for fraud, death or personal injury caused by negligence.
12. Termination Without prejudice to the other remedies or rights a party may have, either party may terminate the Agreement, at any time, on written notice (subject to the relevant Fees being payable) to the other party (Other Party). The notice will take effect as specified in the notice:
- The Client wishes to withdraw the property before an offer is accepted;
- if the Other Party is in breach of its obligations under these Terms and Conditions. If the
- breach is capable of remedy within 5 days, the breach is not remedied within 5 days by the Other Party receiving notice which specifies the breach and requiring the breach to be remedied; or
- if the Other Party becomes insolvent or if an order is made or a resolution is passed for the winding up of the Other Party (other than voluntarily for the purpose of solvent amalgamation or reconstruction), or if an administrator, administrative receiver or receiver is appointed in respect of the whole or any part of the Other Party’s assets or business, or if the Other Party makes any composition with its creditors or takes or suffers any similar or analogous action in consequence of debt.
On termination of the Agreement, the Client shall pay for all Property Sourcing Intermediary services provided up to the date of termination, and for all expenditure falling due for payment after the date of termination from commitments reasonably and necessarily incurred by the Company for the performance of the Property Sourcing Intermediary prior to the date of termination.
The Company does not provide, and does not hold itself out as providing legal advice of any kind. It shall be the Client’s responsibility to:
- obtain professional advice from an appropriately qualified lawyer;
- comply with all such laws.
- The Company shall have no liability whatever for any loss or damage resulting from any
failure to comply with such laws.
The Company acts only as an intermediary and accepts no liability for loss or damage arising
from matters outside of its reasonable control, including solicitor or lender delays.
13. Complaints and Dispute Resolution The parties shall attempt amicable resolution in good faith.
Where applicable, disputes may be referred to the Property Redress Scheme.
14. Data Protection Each party shall comply with all applicable data protection legislation and regulations in force (including but not limited to Council Regulation (EU) 2016/679 and the Data Protection Act 2018 and any modifications or re-enactments of them for the time being in force
15. Relationship with Education Business James Property Club and James Property University are separate legal entities. Education services are not part of sourcing services unless expressly agreed in writing.
Any discounts provided to students are marketing arrangements and do not alter the legal nature of services.
16. Governing Law The validity, construction and performance of the Agreement shall be governed by English law and shall be subject to the exclusive jurisdiction of the English courts to which the parties submit.