Brokerage Terms

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Mayur

Legal Head at Sky Properties

Mayur is a real estate professional based in Navi Mumbai for the past 20 years. His expertise in real estate includes every sphere of the real estate sector from legal to Building Construction to Vastu to home interiors.
When it's not real estate, its either his fight against corruption or pulling focus (film making) with his NIKON D750 that keeps him busy.
With over 9 million views of his pictures on Google Maps and over 1.3 crore views of his contributions, he has been designated as a Master Photographer by Google.
He can be reached on 9987452642

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At Sky Properties, we are extremely particular about our way of functioning according to the existing laws and principles.
We believe in having an absolutely fair, transparent and clear policy for brokerage, which leads to a smooth transaction without any ambiguity.
In the long run, these clear terms and conditions help avoid unpleasant situations and help conclude all transactions without any hiccups.

Brokerage Terms :

• The Brokerage agreement shall be strictly on exclusive basis between the owners of the property or their authorized representative and the broker.
• The Commission shall be @2% of the sale price (from buyer and seller) i.e 2% from Buyer and 2% From Seller.
• The Brokerage agreement shall be for a period of 1 year for property which is to be sold and 6 months for property to be rented.
• Any sale or purchase (via whatever method or whichever network or association) which happens within a period of the agreement shall make both the buyer and the seller liable to pay the brokerage @ 2% to the broker.
• All offers and amounts received by the broker from prospective buyers shall be informed to the Owners of the property and the decision to accept or reject the same shall be sole option of owners.
• All offers and contacts made by prospective buyers shall be informed to the owners promptly.
• The owners may appoint a contact person/authorized agent to receive such communication. Any communication made to such person shall automatically mean that it has been conveyed to all the co-owners.
• Any sale to the parties/prospective buyers, introduced/informed by the broker to the owners during the contract period, shall make the buyer and seller liable to pay brokerage @2% to the broker, whenever such a sale may take place.
• The owners shall stand guarantors for the brokerage (@2%), which shall be due from the buyer. In case the buyer refuses to pay his share of the brokerage (2%) to the broker, the deal/transaction shall be terminated/rescinded by the owners/sellers.
• Brokerage shall be due and paid on the date of the Registration of the agreement at the Registration office via cheque, bank transfer, DD etc.
• If withdrawal is made before the end of the brokerage agreement, the broker shall be compensated for his time, effort and other expenses at pre-decided rates.

*This is necessary to cover the time, travel, publicity, marketing, money and effort (including travel, advertising and other expenses) made by the agent during this period. This is only applicable is property is withdrawn from sale process by sellers/yourselves.

These are the main points which shall form the body of the Brokerage agreement. Formal agreement shall be drafted once an agreement to these terms is arrived at by all parties.