The terms and conditions of the Underhill Guarantee are as follows.
1. The guarantee shall be made available only at the discretion of Underhill (Exeter) Ltd, or any of its subsidiary or related companies. Underhill may withhold the guarantee for any reason, including but not limited to the following;
- The vendor wishes to market the property at a price which Underhill believe is not realistically achievable within the 12 week timeframe indicated
- The vendor’s property is, in the professional opinion of Underhill’s, sufficiently unique in character such that the company cannot guarantee to find a buyer within the 12 week timeframe indicated
2. ‘Find a buyer’ should be taken as per the definitions within ‘The Estate Agents (Provision of Information) Regulations 1991’, which (in respect of a sole agency agreement) reads as follows:
You will be liable to pay remuneration to us, in addition to any other costs or charges agreed, if at any time unconditional contracts for the sale of the property are exchanged —
with a purchaser introduced by us during the period of our sole agency or with whom we had negotiations about the property during that period; or
with a purchaser introduced by another agent during that period.”
In other words, the introduction of a purchaser within the 12 week timeframe specified as per the details (above) shall be considered to have satisfied the guarantee to find a buyer within 12 weeks, even if negotiations, and the subsequent exchange of contracts, are concluded beyond that timeframe.
3. The guarantee relates only to finding a buyer within a particular time frame, and not within a particular price range.
4. If the progress of a sale to a purchaser introduced within the 12 week timeframe (as above) should fall through because of a pre-existing issue relating to the property, including but not withstanding structural deficiencies affecting the property, planning consents or applications affecting the property, issues arising from unsecured or contentious title to the property or its land, an absence of buildings regulations compliance or approval, issues relating to leasehold agreements, easements, covenants or other such legal instruments, or any further such issues as might present in regards to the property which subsequently cause the sale to fall through, and of which Underhill could not reasonably have been expected to be aware at the commencement of the marketing period, then the guarantee shall be considered to be null and void.
5. The guarantee to pass on any referral commissions relates only to those payments received in respect of the arrangement of a new mortgage for a purchase related to the sale of the vendor’s property. It does not include any commissions that may arise should the client purchase other financial products from the broker.
6. In respect of point 8 of the guarantee, the referral to a new vendor must be confirmed at or before the new vendor instructs Underhill to act on their behalf. While Underhill may acknowledge a referral after it has been instructed, it is under no obligation to do so. Referral commissions will be paid within 30 days of the receipt of the Estate Agency fees arising from the sale of the introduced party’s property. Should the new property not proceed to its commissionable event, then no referral fees shall be due. Underhill take no liability for any personal tax implications that may arise from the receipt of referral commissions passed on by Underhill.
7. This guarantee shall be considered to be effective only if countersigned by both parties, and in accompaniment of a Sole Agency Agreement similarly countersigned.
8. Underhill may choose to offer this guarantee in part, with the exclusion of certain clauses, at its discretion.
9. Underhill reserve the right to amend or withdraw this guarantee from offer at any time.