TRADEWINDS GOLF VILLAS STANDARD REAL ESTATE LISTING AGREEMENT THIS AGREEMTENT is made the _______day of _________, 20____. BETWEEN: FLAGSHIP HOMES LTD Tradewinds Golf Villas Windward Road, Cap Estate, P.O. Box RB2554, St. Lucia (hereinafter referred to as “THE VENDOR”) AND:_______________________________________ NAME _______________________________________ ADDRESS _______________________________________ ADDRESS _________________ PHONE NO.
(hereinafter referred to as “THE AGENT”) WHEREAS: A) THE VENDOR is the developer of a 24 lot subdivision known as Lots 1-24, The Tradewinds Golf Villas, Windward Road, Cap Estate, St. Lucia, (hereinafter collectively referred to as “THE PROPERTY”). B) THE PROPERTY consists of 24 single family villas to be built by The VENDOR, (hereinafter referred to individually as the “VILLA”) one villa on each lot (hereinafter referred to as the “LOT”). C) THE VILLAS will be marketed by THE VENDOR and sold on an “off plan”, contract to build basis to 3 rd party buyers (herinafter referred to as a “BUYER”). D) THE AGENT is an individual responsible for procuring a Referral for sale.
THE PARTIES HEREBY AGREE AS FOLLOWS: 1. The AGENT is granted the non-exclusive right to market and sell the VILLAS. 2. If a VILLA is sold to a BUYER procured by the AGENT, the AGENT will be paid a commission (hereinafter referred to as the “COMMISSION”) equal to 5% of the sales price of the VILLA including any extras, upgrades, or options. 3. The AGENT is authorized to share the COMMISSION with any Sub-Agent. (a) A Sub-Agent is an agent that is introduced to the PROPERTY by the AGENT. (b) The AGENT may register a Sub-Agent with the VENDOR by providing a written statement from the Sub-Agent acknowledging the introduction to the PROPERTY by the AGENT. (c) The VENDOR agrees to not conduct business or discuss commission rates directly with any registered Sub-Agent unless permitted to do so in writing by the AGENT. 4. The AGENT’S COMMISSION shall be paid in two parts. (a) 50% of the COMMISSION shall be paid at the time of the closing when the BUYER takes title to the LOT. The COMMISSION shall be paid to the AGENT by the VENDOR’S lawyer at the time of the closing from the proceeds of the sale. (b) The remaining 50% will be paid by the VENDOR at the time of the first stage payment made by the BUYER to the VENDOR for the construction of the VILLA. 5. A BUYER shall be recognized as being procured by the AGENT if either; (a) Tendering a Contract. - The AGENT shall tender a contract to the VENDOR signed by the BUYER or (b) Registering a BUYER under the following terms. 1. The AGENT shall register the BUYER with the VENDOR by email and the VENDOR acknowledges such registration by return email. 2
(a.) In the event of such registration, the AGENT shall have 120 days (hereinafter referred to as the “REGISTRATION PERIOD”) to tender a contract to the VENDOR signed by the BUYER. In the event that
the REGISTRATION PERIOD ends without a contract being tendered to the VENDOR, then the REGISTRATION becomes null and void and the AGENT shall have no further rights to the BUYER. (b.) In the event the AGENT is still working with the BUYER and the BUYER has not yet signed a contract to purchase a VILLA, the AGENT has the right to re-register the BUYER for another 120 day REGISTRATION PERIOD under the same terms and conditions provided that the BUYER acknowledges in writing that they are continuing to work with the AGENT in connection with the purchase of the VILLA. 3.
In the event that such registered BUYER contacts the VENDOR directly during the REGISTRATION PERIOD and subsequently enters into a contract with the VENDOR, the BUYER will be recognized as being procured by the AGENT.
4. In the event that a BUYER registered by an AGENT tenders a contract through a different AGENT and that BUYER acknowledges in writing that he/she is no longer working with the original REGISTERING AGENT then the REGISTRATION will become null and void and the REGISTERING AGENT will have no further claim to the BUYER and Paragraph 5(a) will apply. 6. In the event a BUYER terminates his contract and is not in default under the contract and is entitled to a return of his deposit, no COMMISSION will be earned by or paid to the AGENT. 7.
In the event a BUYER defaults under his contract; (a) If the VENDOR receives payments in connection with the contract, then the AGENT shall be paid 5% of the payments actually collected by the VENDOR. (b) If the AGENT has received COMMISSION payments in excess of 5% of the total payments received by the VENDOR, the AGENT must refund to the VENDOR any COMMISSIONS received in excess of 5% of the total payments received by the VENDOR.
In the event the VENDOR is legally obligated to refund payments to the BUYER, then the AGENT must refund any COMMISSIONS received on the sale of the LOT or the VILLA in excess of 5% of the total payments actually collected and retained by the VENDER after said refund.
9. The AGENT is granted permission to use any and all of the marketing material provided by the VENDOR to promote the PROPERTY, including, but not limited to brochures, electronic brochures, graphics and the VENDORâ€™S web sites in any reasonable fashion, including, but not limited to print and web or web site advertising, including any marketing or promotion by any sub-Agent 10. The term of this agreement is six months. This Agreement shall automatically renew itself every six months for a period of four years unless terminated in writing by either party. This Agreement shall terminate four years from the date hereof. 11. This Agreement may be transmitted between the parties by fax or email and the parties intend that a faxed or emailed Agreement containing either the original and/or copies of the signature of all parties shall constitute a binding Agreement.
FLAGSHIP HOMES LTD
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Published on May 28, 2009