TERMS & CONDITIONS

In accordance with the terms of The Estate Agents Act 1979 and Orders made under it we set out below certain information regarding the charges for Gibson Auctions' services; the circumstances in which they will arise; when they will become due for payment and other relevant information. Agreed Charges

1. Initial Marketing Package: Photographs, Auction Catalogue, erection of "For Sale" board, publishing in Newspapers, on Gibson Auctions website and on Propertypal.

2. Sale Fee: (Retained out of the deposit paid by the purchaser, or within 10 days, if the deposit is paid to the solicitor for The Vendor) The Sale Fee is payable by the Vendor(s) to Gibson Auctions in either of the following circumstances;
   A: If at any time an unconditional contract is entered into 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
   B: With a purchaser introduced by another agent during that period.
   C: If at any time we introduce a person ready, willing and able to purchase the property and who is prepared to enter into an unconditional contract for the purchase of your property.
AMOUNT DUE: 2% Of the Agreed Sale Price or £1,500, whichever is the greater. This sum is subject to VAT at 20%

3. Duration of Agreement: From the date of the listing of the property for Sale and expiring 2 weeks after the Auction for which the property was entered. If that period is extended by agreement, to include a second Auction, then expiring 2 weeks after that second Auction. WITHDRAWAL or CANCELLATION This Agreement can be terminated upon either party, giving dated notice in writing, subject to the following:
   A: A sale fee is payable only under the terms of clause 2 above. In the event of no sale fee being payable, Gibson Auctions reserve the right to a Cancellation Fee of £500+VAT which is payable by the Vendor(s) within 10 days from the date of the withdrawal or cancellation.
   B: All agreed charges as detailed in clauses 1 & 2 above are non-refundable and any outstanding amounts are payable within 10 days from the date of the withdrawal or cancellation.

OTHER RELEVANT INFORMATION

5. Under the Property Misdescriptions Act 1991, Gibson Auctions must ensure that all information regarding the property is accurate and does not mislead. Gibson Auctions assume that the information provided is accurate and correct. The Vendor(s) undertake to immediately advise Gibson Auctions should they become aware of any inaccuracies and/or miss-descriptions either in a brochure or in any written or verbal communication.

6. As part of our services Gibson Auctions may offer prospective purchasers a full range of services including a valuation of their own property, a sales service or advice/assistance with financial arrangements.

7. Gibson Auctions reserve the right to retain any discounts they may receive resulting from advertising, editorial, or features in the press or other media and also any other discounts they may negotiate separately with other suppliers of goods or services. These discounts normally arise out of bulk purchase arrangements and prompt payments by Gibson Auctions.

8. The payment terms are clearly set out in clauses 1-3 above and Gibson Auctions reserve the right to charge interest from day to day at the annual rate of 3% above Danske Bank base rate on any amounts outstanding beyond the due dates.

9. Gibson Auctions are not responsible for the maintenance or repair of any unoccupied property unless by specific written agreement.

10. It is a requirement of law that Gibson Auctions disclose to any prospective purchaser any business or family relationship between Gibson Auctions and the Vendor(s):

11. Gibson Auctions are appointed as Sole Agent and until this Agency Agreement is terminated the Vendor(s) agree that they will not instruct another agent to sell the property.

12. The Vendor(s) hereby gives authority to their solicitors acting in the sale to pay their fee directly to Gibson Auctions upon completion of the sale, if the outstanding fee has not already been deducted or paid.