TOB-110509 PDF Print E-mail
Admin - Terms of Business
Written by John Angeletta   
Monday, 11 May 2009 18:44
1.    Definitions ~
a)    Property Angels International (PAI) is hereafter known as the Company. 
b)    BMV Property Investment Deals is the trading style of Property Angels International
c)    An individual or group of individuals who engage the Company to source and/or arrange the purchase or sale of investment property is hereafter known as the Client. 
d)    Any individual, company, organisation or their agents introduced by the Company to the Client in the course of property transaction are hereafter known as Associates.

2.    Mission ~ the Company has established working relationships with other property professionals.  The Company is engaged by the Client as an independent introducer to arrange advice and guidance for the purchase or sale of investment property in the UK or overseas. To facilitate a property purchase or a property sales transaction, the Company may introduce: Property Developers; Estate Agents; Architects; Valuers; Surveyors; Auction Houses; Solicitors; Banks; Lending Institutions; Property Accountants; Property Management Agents; Property Letting Agents; Tour Operators; Independent Mortgage Advisers and other property professionals as required.  Any information or advice provided by Associates is subject to their terms of business and the Company assumes no responsibility whatsoever.

3.    Investment Property ~ the Company aims to assist the Client to establish or build upon a property portfolio to maximise capital growth and/or rental income.  Buy-to-let property is not authorised and regulated by the UK Financial Services Authority.  Where the Client’s property purchase requires funding, the Company may refer this to Property Angels Financial Services (PAFS) whose terms of business will apply to any financial services products entered into with the Client. 

4.    Illustrations ~ property opportunities are brought to the attention of the Client and examples of property transactions may be illustrated. Past results are never a guarantee of future performance; values of property and rental income may grow at a slower or faster rate than illustrated or go down as well as up.  It is the sole responsibility of the Client to satisfy themselves and to establish legal title together with other related information to ownership through their acting legal representative.

5.    Tax ~ it is the sole responsibility of the Client to obtain independent qualified tax advice and to settle all appropriate taxes.

6.    Confidentiality ~ the Company will treat all information received as private and confidential and only disclose it to others in the course of securing agreed property transactions. The Client may have access to personal data held by the Company at any reasonable time following written notice. The Company reserves the right to undertake a consumer credit check at its expense.  The Client agrees to respect the confidential nature of all Company introductions to Associates.  The Client undertakes not to introduce other persons interested in property purchase directly or indirectly to Associates other than through the Company and in breach of this condition agrees to pay the standard Broker Fee to the Company if any third party makes a purchase.

7.    Disclosure ~ the Client agrees to fully disclose all relevant information that may materially influence the success of a property transaction. Making false, misleading or inaccurate statements is a criminal offence punishable by a fine and/or imprisonment and civil proceedings to recover any loss may also be taken. A Client knowingly withholding material information or providing misleading information that subsequently prevents securing an agreed property transaction is liable to pay the Company 50% of the standard Broker Fee.

8.    Exclusivity ~ where the Client has engaged the Company to source property that has been presented to the Client or nominated agent, the Client agrees not to directly or indirectly approach the developer, vendor or their agent to complete that or any replacement property transaction through the same source or contacts.  In breach of this condition, the Company reserves the right to charge the Broker Fee as applicable.

Terms of Business
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9.    Property Reservation ~ a minimum reservation fee of £250 per property is required and is non-refundable. If the first property reserved fails for any reason, the reservation fee is transferrable to another property purchase. 

10.    Deposit ~ the vendor and purchaser will sign an agreement for the conditions of sale and a deposit may be required.

11.    Broker Fee ~ unless otherwise stated in writing, the Company will apply the following fee that falls due when the Client has signed a Contract of Sale or Purchase with the vendor, buyer or their agent or is In default of paragraphs 6, 7 or 8 above.  The fee is payable within 7-days of invoice date: -

•    UK Property Purchase is 2.0% of agreed purchase price subject to a minimum of £750
•    UK Property Sale is 1.5% of agreed selling price subject to a minimum £750
•    Overseas Property Purchase is 3% of agreed purchase price subject to a minimum £1,500
•    Overseas Property Sale is 5% of agreed selling price subject to a minimum £1,500

The Company reserves the right to charge the minimum Broker Fee should the client decide to withdraw from a transaction subsequent to a signed booking.  The company reserves the right to charge interest in line with the Bank of England base rate plus 8% per annum applied at a daily rate on any unpaid fees after the statutory 30-days of invoice date. The Company reserves the right at its absolute discretion to waive the Broker Fee for any single transaction.

Financial details illustrated on www.bmvpropertinvestmentdeals.co.uk are inclusive of all fees but not VAT where it may apply.

12.    In Concert ~ where two or more individuals agree to purchase a property jointly, each individual agrees to be wholly and severally liable for all fees, expenses and other associated costs. The date of the first signature will be assumed effective for all subsequent signatures.

13.    Overseas Visit ~ at the Company’s absolute discretion and following arrangements confirmed in writing to the Client, the Client may undertake an overseas visit accompanied by the Company or its nominated agent to view investment property opportunities. Subject to the Client purchasing at least one property arranged through the Company, the Company agrees to pay for up to 3-nights accommodation arranged by the Company for the Client and their spouse/partner during the agreed visit period only.  All transportation by whatever means to and from the overseas country is entirely at the expense of the Client.   If a Client undertakes an overseas visit sponsored by the Company and then agrees to purchase property in that country independently of the Company the Client agrees to pay a fee of £750.


Signed (1): _______________________________________________ Date: _____________________________

Print Name: _________________________________________

Signed (2): _______________________________________________ Date: _____________________________

Print Name: _________________________________________