Commercial Brokerage and Referral Agreement

Transcription

1 Commercial Brokerage and Referral Agreement Agreement between Broker and Client Date: The Broker Broker Company Name (an affiliate of Finsure Finance & Insurance Pty Ltd) Broker Address ACN/ABN The Client Borrower Name ACN/ABN Address Phone The Referrer Referrer s Name Referrer s Address ACN/ABN Terms of Loan Purpose ($) Term (years) Commercial Brokerage Agreement 1

2 Interest Rate Up to % per annum Security Offered The Client acknowledges that if there is an increase in market interest rates, the interest rate may increase Table of Fees Appraisal Fee (% OR $) Brokerage Fee (% OR $) Additional fees Not forming part of the Brokerage Fee Valuation fees, establishment fee, accountancy fees, legal fees and any structuring fees Ongoing Management Fee (% OR $) Referral Fee It is agreed: 1. Sourcing of Loan 1.1 The Client appoints the Broker as its agent to source a loan offer(s) ( Loan Offer ) on the Client s behalf. The Loan Offer will be based on the terms as set out in Terms of Loan, which are suitable to the client. 1.2 The date by which the Broker must secure the Loan Offer is the date on which all relevant, requested documents are supplied to the Broker plus 28 days or such other period agreed by the parties in writing. 1.3 The Client acknowledges that the Loan Offer(s) sourced by the Broker will be drawn from a range of potential lenders that will not necessarily include all lenders who offer credit of the nature of the credit sought, and shall include the mortgage products managed by the Broker Commercial Brokerage Agreement 2

3 2. Fees and other charges 2.1 The Client must pay the Broker non-refundable fees (inclusive of GST) in the amount(s) specified in Table of Fees unless otherwise waived by the Broker. 2.2 If there is a Referrer the Broker must pay the Referrer the Referral Fee unless otherwise waived by the Referrer. The Broker s obligation to pay the Referrer the Referral Fee is subject to the Client receiving the corresponding Brokerage Fee. 2.3 The fees will be payable as follows: (iii) (iv) The Appraisal Fee will be payable on the signing of this agreement. The Brokerage Fee will be payable on settlement and from settlement proceeds. Any Facilitation fee or other fees as advised and agreed between the parties shall be paid from settlement proceeds. The Referral Fee will be payable on settlement and from settlement proceeds or when the Broker receives the Brokerage Fee pursuant to clause If the Broker procures a Loan Offer based on the terms sought by the client as set out in the Terms of Loan then the Client must pay the Brokerage Fee to the Broker: even if the Client decides not to accept the Loan Offer or does not proceed to settlement of the loan unless the Client has terminated this Agreement, prior to the issuance of the Loan Offer or in such circumstances where no Loan Offer has been issued prior to the expiry of this agreement; or in the event that the Client has advised that the loan is not suitable but it is later discovered that the loan has been written by the Lender whose Loan Offer was not accepted. 2.5 If any fee is not paid or costs and expenses not reimbursed before settlement, the Broker is authorised to deduct that amount from the loan settlement proceeds. 2.6 The Client must, immediately on request by the Broker pay; 2.7 The Client agrees: any valuation fees incurred by the Broker when the Broker is authorised by the Lender to instruct the Valuer, or any legal fees incurred by the Broker when the Broker instructs any lawyer on the Client s behalf to act in connection with the Loan. to pay or reimburse to the Broker all other costs and expenses connected with the processing of the Client s loan application, including but not limited to postage, freight, telephone and facsimile charges; and these costs and expenses, if any, are payable from settlement proceeds. 2.8 All fees and charges payable to the Broker under this agreement are separate and independent from fees and charges payable by the Client to any Lender or other entity. 2.9 The Client agrees to pay the Ongoing Management Fee until the loan is discharged, with effect from the date of settlement. The Ongoing Management Fee specified in the Table of Fees is an annual fee payable on a monthly/quarterly/annual basis. Commercial Brokerage Agreement 3

4 3. Caveats 3.1 The Client: (iii) (iv) hereby charges all his right, title and interest in the land described herein with the performance of his obligations under this Agreement to the extent of the fees validly due to the Broker and hereby consents to the registration by the Broker of a caveat against the title to such land to protect the charge created by this Agreement; acknowledges and agrees that this charge creates a caveatable interest at law and in equity; consents to the Broker to lodging a caveat on the security property and or any other property held by the borrowers now and / or in the future, if moneys due under this mandate are not paid when due; and agrees to sign all documents and take all other steps as required by the Broker to facilitate lodgment of a caveat pursuant to this clause. 3.2 The broker will not cause a caveat to be lodged against the property which is the subject of this charging clause during the currency of this mandate and shall only do so when the Broker has been notified of circumvention by the Client or failure to pay the fees due under this Agreement. 3.3 If a caveat is entered, the Broker agrees to consent to and allow registration of such other commercial financial facilities as may need to be registered on the title to facilitate completion of the development to be effected 3.4 This clause 3 only applies in Development loans. 4. Financial or Other Benefits 4.1 The Client acknowledges that the Broker may be paid a commission by a lender under an accepted Loan Offer. This may comprise an upfront fee and / or an ongoing commission, each calculated as a percentage of the loan made to the Client. This commission, where payable, is in addition to the fees under this Agreement. The amount of these commissions, if any, may not be ascertainable at the date of this Agreement. 5. Dealings with the Lender 5.1 The Broker will liaise between the Client and any lender introduced by the Broker. If the Broker obtains a Loan Offer from a lender then the Client must not seek to circumvent the Broker by approaching such lender(s) directly. If the Client breaches this provision then the Broker will be entitled in addition to the fees set out in Table of Fees an amount equal to such commissions that the Broker would have received if the Loan Offer proceeded to settlement. 5.2 The Client acknowledges the full fees and charges contained within this agreement remain due and payable in the event that the Broker obtains a Loan Offer from a lender who has previously supplied an offer for finance for the same security property and the same transaction through any other Broker, mortgage originator or third party representative. Should this case arise, the Client irrevocably agrees to direct the lender at settlement to pay all fees due and payable under the terms of this Agreement to the Broker. Commercial Brokerage Agreement 4

5 6. Privacy Act The Broker must comply with Division 3 of Part III of the Privacy Act 1988 as if it were an organisation and ignoring the exemption of concessions in relation to the operation of a small business. 7. Acknowledgement 7.1 The Client acknowledges that the Appraisal Fee is payable without regard to the Broker s ability to satisfy any or all conditions stipulated by the lender whether in the Loan Offer or subsequent to its issue. 7.2 The Client acknowledges that the Broker does not warrant the success of the Broker sourcing a loan on the Terms of Loan for the Client. Any lender selected by the Broker will undertake its own thorough examination of the Client s ability to service the loan, generally including approval of accounting and financial information and a valuation for lender purposes of any property offered as security. 8. Miscellaneous Provisions 8.1 (Severability) If anything in this agreement is unenforceable, illegal or void then it is severed and the remainder of this Agreement remains in force. 8.2 (Acknowledgment) The Broker has not and will not provide the Client with any financial or other advice in relation to the Loan Offer or its application and the Client will independently select the loan relying on it s own assessment of it s suitability for the Client s purposes. 8.3 (Entire Understanding) This Agreement is the entire agreement and understanding between the parties connected with the subject matter of this Agreement and that this Agreement supersedes any prior agreement or understanding on anything connected with that subject matter. 8.4 (Notice) Any notice may be sent by ordinary mail or facsimile to the address of the party as detailed in this document or such other address as notified. 8.5 (Governing Law and Jurisdiction) This Agreement is governed by the laws of New South Wales and the parties submit to the non exclusive jurisdiction of the Courts of New South Wales and the Federal Court of Australia. 8.6 (Feedback) The Broker is committed to providing high quality services to the Client. To this end the Client is requested to refer any feedback or complaints to the Broker. Commercial Brokerage Agreement 5

6 Executed as an agreement The Broker Executed by in accordance with section 127 of the Corporations Act 2001: Director/Sole Director/Secretary Director The Client Executed by in accordance with section 127 of the Corporations Act 2001: Director/Sole Director/Secretary Director The Referrer Executed by in accordance with section 127 of the Corporations Act 2001: Director/Sole Director/Secretary Director Commercial Brokerage Agreement 6