Fixed Price Option Agreement - National Residential

Fixed Price Option Agreement

Fixed Price Option Agreement
Companies you can trust.
Key Facts & Comparison Table
7 Day Cash, Fixed Price & 100% Market Price Options _ National Residential
• Our company will buy your property for cash in just 7 days or a
timescale to suit you
• We pay £720 inc VAT towards your legal fees and you have no
agency fees to pay plus you get the quickest sale possible
• You receive a fixed price on completion with no agency fees to pay and we
pay £720 inc VAT towards your legal fees if you use our panel solicitor.
***Leasehold sellers must pay for their own LPE1 and management pack in advance
in case sales fall through due to issues in these epacks
• We sell your property for a higher price from which we pay you your fixed
price and we pay all required fees. We retain the balance – refer to clause 7
of ‘Option Terms’ for details on fees
• From this balance, we make our fees and we also pay for many additional
benefits including: Cash Advances; Local Agents Fees; Legal Fees,
Marketing Fees
• Please see Additional Benefits in the Comparison Table below
• You set a minimum Reserve Price for us to achieve
• We obtain the best 100% Market Price we can in just 28 days
• If we agree a sale, you pay us our commission fee of 1.8% inc VAT (min
£2,000 incl VAT) and you also pay your own legal fees. We also charge
the Purchaser a Buyers Fee – refer to Clause 22 of the SSR Terms
• EG: If the asking price was £150,000 the fee would be £2,700
KEY FACTS – Common to
Fixed Price & SSR 100% Market Sales
• We sell properties in an average of 28 days via our Modern
Auction. Our Modern Auction involves a unique sales
combination of Online Bidding and a low guide price to generate
lots of interest quickly
• We financially qualify all our buyers to ensure that they:
– pay non-refundable deposits (lost if buyers withdraw from sale)
– are completely Chain-Free (unless with seller agreement)
– are able to complete quickly within **56 days
• We provide a No Sale – No Fee service. You are not obliged to
accept any offer from us that does not meet your agreed price.
If we do not achieve your agreed price you may cancel any
agreement you have with us at no cost to you after the period of
the agreement has expired (or sooner with our agreement)
• **We are unable to guarantee sales will complete in 56 days due
to seller circumstances varying
Our agreements are legally binding and you should seek
independent legal advice before signing. Should we sell your
property for the price you agreed and you seek to withdraw from the
sale, or should you breach our Sole Selling Rights or other terms of
your agreement, you may be liable to pay our fees. Please refer to
the Terms and Conditions of your agreement.
Additional Benefits:
SSR 100%
Estate Agency Fees 1.8% inc VAT
(min £2000) + Buyers Fee
Legal Fees Pay Own Legal Fees
Contract Type 28 Day 100% Market Price
3rd Party Sale
Total Timescales to
Sell and Complete
28 Days to Sell
**56 Days to Complete
Contribution to Legal Fees
On a case by case basis ** We are unable to guarantee sales will complete in 56 days due to seller circumstances varying. ***Leasehold sellers must pay for their own LPE1 and management pack
FREE Buyer Legal Packs ✓
FREE Local Estate Agent Listing ✓

Cash Advances
Repay Mortgage Arrears
(to stop repossessions)
Pay for Lease Extensions
(to maximise sale price)
Pay Fees & Manage Tenant
Sales & Evictions
28 Day Fixed Price
3rd Party Sale
Zero Fees
***We pay £720 inc VAT
28 Days to Sell
**56 Days to Complete

7 Day Company
Cash Purchase
Zero Fees
***We pay £720 inc VAT
7 Days
(or to suit seller)
Not Applicable

Property Owners
(Personal details of all legal owners of the property to be sold must be entered – if there are more than 2 owners continue of a separate sheet)
Vendor 1: (in Block Letters)
Title: Name: Surname:
Postcode: Time at this address: Date of birth:
Home telephone: Mobile: Email:
Vendor 2: (in Block Letters)
Title: Name: Surname:
Postcode: Time at this address: Date of birth:
Home telephone: Mobile: Email:
Address of Property Being Marketed:
Postcode: Land Registry Title Number:
Purchase Price/Reserve Price: £
Marketing Commencement Date:
Property Value Appraisal
These are not formal valuations. Our appraisals are our best estimate, considering current market conditions and your requirements for a rapid
sale. Particular buyers may be prepared to pay more or less than this on any particular day.
Marketing Price: £
i. I/We confirm that a National Residential agent have fully explained all the options available and provided appropriate advice before I/we signed this agreement.
ii. I/We confirm that I/we have read and understood all the applicable terms of the agreement I/we are signing.
iii. I/We confirm that all registered owners of the property agree to the terms within this agreement.
iv. I/We confirm our instructions to National Residential and authorise them to act on our behalf in the sale of the above property.
v. I/We confirm that I/We have read the Option to Buy and SSR Terms and understand the fees I must pay and agree to them.
Vendor 1:
Signature: Name: Date:
Vendor 2:
Signature: Name: Date:
Option to Buy Terms of Agreement
1. Nationwide Property Developments Ltd is the Option Holder
and The Online National Residential Estate Agency Ltd,
trading as National Residential,is its marketing agent
2. In consideration of the payment of the sum of
£1 (“Option Fee”) (receipt of which the Owner acknowledges)
to the Owner by the Option Holder, the Owner grants the Option
Holder the option to buy the Property for the Purchase Price at
any time within the Option Period.
3. The Option Period means the period of 8 weeks from either the
date of signing this Agreement, or the Marketing
Commencement Date (indicated overleaf), whichever is the
later, and will continue after 8 weeks until you give us 14 days
written notice to cancel. Unless the following actions incurs:
3.1 The Option Period shall continue until all outstanding costs
due to the Option Holder are paid in full; or
3.2 The Option Period shall continue, until the Owner complies
with the terms referred to in Clause 6 of the Option to Buy
Terms of the Agreement; or
3.3 The Option Period shall continue if the Owner sells to a
third party purchaser, even if the purchaser was not found by
us but another agent or by any other person, including yourself;
until Release Sum as defined in Clause 7 is paid to the Option
Holder; or
3.4 Any delays or breach caused by the actions of the Owner,
in which case the Option Period will continue until the delay or
breach is remedied.
4. On the valid exercise of the Option the Owner shall sell and the
Option Holder shall buy the Property at the Purchase Price on
the terms of this agreement.
5. The Owner grants the Option Holder discretion to act as their
agent, under the Sole Selling Rights for the Property for the
Option Period and permits the Option Holder to offer the
Property for sale through third party agents on the other terms
contained on page 7 in this agreement by marketing to
prospective buyers at the Marketing Price to generate interest.
The Owner agrees to enter into a Sole Selling Rights agreement
with the Option Holder for this purpose on the standard terms
appended at page 7 to this agreement.
6. Should the Owner wish to sell the Property to a third-party
buyer, whether that buyer was obtained due to marketing
activity by the Option Holder or in any other manner, then,
immediately prior to and simultaneously with completion of
any sale to a third party of the Property by the Owner, the
Owner shall buy this Option from the Option Holder for the
Release Sum. On completion of sale The Option Holder will
pay £720 (incl VAT) towards the sellers legal costs from the
Release Sum (Please NOTE the Seller is responsible for
paying all other additional legal costs such as LPE1 and
management packs if and when requested)
7. The Release Sum for Fixed Price Option Agreement is defined
7.1 (a) The amount equal to the difference between the amount
being paid by the third party purchaser to the Owner and the
purchase price, Plus any disbursements incurred; or
7.1 (b) 3.5% (inc VAT) of the purchase price plus disbursements
incurred, or
7.1 (c) £10,000 (Inc VAT) plus any disbursements paid by the
Option Holder.
7.2 The Release Sum shall be whichever amount if the greater
under this Clause (7.1).
8. If the Option Holder receives a Holding Deposit from a
prospective purchaser to secure the Property with the intention
to complete on a sale; then the Option Period shall
automatically be extended until the completion date. Should the
prospective purchaser pull out of the purchase or attempt to
reduce their purchase price after they have paid a Holding Fee
then they risk losing the Deposit and where the purchaser
losses their Deposit the Option Holder will pay the Owner 50%
of the Deposit, less reasonable expenses incurred by the
Option Holder. If any money from a Holding Fee is paid by the
Option Holder to the Owner, under the terms of this Clause,
then the Option Period is extended by 8 weeks from the date of
such payment. Completion date being the date agreed
between the Owner Solicitor and the buyer Solicitor.
8.1 Should the Owner withdraw from the sale after accepting
an offer for the Property; and if the third party purchaser incurs
costs for example such as search fees, mortgage application
fees, Solicitor fees etc, the Owner agrees to be liable and
refund to the third party purchaser all reasonable costs incurred
in relation to the purchase of the Property. Such payments will
only be paid upon a valid receipt being provided to the Owner.
Exercising the Option
9. The Option shall be exercisable by written notice (the
“Option Notice”) being served by the Option Holder on
the Owner or the Owner’s solicitor at any time during the
Option Period.
10. The Option Fee is not refundable to the Option Holder in
any circumstances.
11. Completion of the sale and purchase and the payment
of the Purchase Price shall take place on the Completion
Date (being the twentieth working day after the date of
service of the Option Notice).
12. The Owner will:
i. provide to the Option Holder within 28 days of this
agreement completed copies of the Seller’s Property
Information Form and, if the Property is leasehold, the
Seller’s Leasehold Information Form. The statements
contained in the completed Seller’s Property
Information Form and Seller’s Leasehold Information
Form shall be treated as being statements in the
contract for the purpose of Clause 7 of the Standard
Conditions of Sale (5th Edition) and shall be
warranties made by the Owner to the Option Holder.
ii. instruct solicitors to prepare the usual contract
package for the sale of the Property to include the
lease (if applicable) title to the Property, replies to all
enquiries and the matters required by this agreement.
iii. deal with any sale transaction whether with the Option
Holder or a third party in a timely fashion and not
to withhold any relevant or requested information in
respect of the Property or the transaction for the sale.
(Applicable to all Fixed Price Option clients to be read in conjunction with the Sole Selling Rights Agreement)
Seller to sign only if the fixed price option is selected
Vendor 1:
Signature: Name: Date:
Vendor 2:
Signature: Name: Date:
Option to Buy Terms of Agreement
iv. not further encumber or enter any further charge or
restriction in respect of the Property without the written
consent of the Option Holder and shall promptly notify
the Option Holder in writing of any action by any
third party which may result in any charge, notice, or
encumbrance being placed over the Property.
13. During the Option Period the Owner will:
i. discharge the monthly mortgage payments in full and
on time.
ii. pay and discharge all monies due to the landlord
or management company under the lease of the
iii. in the event that there is a shortfall on redemption of
any existing charge in respect of the Property, meet
any shortfall from their own money.
iv. maintain adequate buildings insurance at the Property
until completion of the sale of the Property to the
Option Holder.
14. The Owner consents to the following restriction and
unilateral notice to be made against the title of the
Property at the Land Registry in order to protect the
Option: “No disposition of the registered estate by the
proprietor of the registered estate is to be registered
without a written consent signed by Nationwide Property
Developments Limited, of 1 Hunters Walk, Chester,
Cheshire CH1 4EB”.
15. The Owner agrees to take any further legal advice
required on the terms of this agreement prior to entering
into it.
16. The Option shall be capable of being assigned by the
Option Holder at any time within the Option Period.
17. The Owner consents to allow the Option Holder’s interest
remaining registered with the Land Registry until any
breach of the agreement is remedied and the Release
Sum is paid in full.
Breach of the Option
19. The Owner shall be deemed to be in material breach of
this agreement if he is in breach of any of his obligations
detailed in the ‘Option To Buy Terms’ or in the ‘Sole Selling
Rights Terms’ and he has failed to remedy such breach
within fourteen working days of being given written notice
by the Option Holder requiring him to remedy the breach.
20. If the Owner is in material breach of this agreement the
Option Holder may notify the Owner that it accepts the
material breach and determine the agreement.
21. If the Option Holder does not accept the material breach,
then the Option shall continue until determined in
accordance with this agreement.
22. The Option shall determine, and the Option Holder shall
apply to the Land Registry to remove the restriction and
notice registered on any of the following events:
i. the expiry of the Option Period and any extension
of it unless the Owner is in material breach of this
Agreement, in which case the restriction remains in
force until the Release Sum is paid in full;
ii. a sale of the Property and payment of the Release
Sum in accordance with this agreement;
iii. the Owner is in material breach of this agreement, the
Option Holder accepts that material breach and the
Owner pays the Option Holder the Release Sum as
defined in Clause 7 of this agreement.
General Terms
23. This agreement incorporates the Standard Conditions of
Sale (5th edition). Where there is a conflict between the
Standard Conditions and this agreement, this agreement
24. Condition 2.2 (Deposit) of the Standard Conditions shall
not apply to this Agreement:
25. The Owner agrees that the Option Holder may appoint
third parties to act as its agent in performing any of its
obligations under any part if this agreement. If the Option
Holder appoints an agent, the Option Holder shall remain
fully responsible to the Owner for the proper performance
of this agreement and the Option Holder will pay the
agent’s fees and charges. The Owner will still be obliged
to pay the Option Holder the sums the Owner has agreed
to pay in this agreement. If the Option Holder appoints an
agent, that agent will have the same authority to act on
the Owner’s behalf as the Owner has agreed to confer on
the Option Holder.
26. Owner will indemnity the Option Holder against all
costs, charges as expressed (including legal costs)
incurred by the Option Holder in enforcing its rights
against the Owner under this agreement and will do so
notwithstanding any allocation to the small claims track
of any claim issued by the Option Holder in the County
Court for that purpose and so that any such legal costs
will be summarily assessed and added to the judgement
27. Each of the provisions of this agreement is severable
and distinct from the others and if at any time one or
more of such provisions is or becomes invalid, illegal or
unenforceable, the validity, legality and enforceability
of the remaining provisions shall not be affected or
28. If this agreement is executed by or on behalf of more
than one person and any one or more of those persons is
not bound by its provisions (whether by reason of lack of
capacity or improper execution or for any other reason)
the remaining parties shall continue to be so bound as
if those who are not bound had not been parties to the
Sole Selling Rights Terms of Agreement
1. This is a sole selling rights (SSR) agreement between the
clients named overleaf (You) and Nationwide Property
Developments and National Residential, both of 1 Hunters
Walk, Chester, Cheshire CH1 4EB (Us, We). This means
you will be liable to pay a fee to Us, (as defined in Clause
4) in addition to any other costs or charges agreed.
However, in each of the following circumstances, and our
Release sum as defined in Clause 22 will become due
and payable in full on the occurrence of these events:
i. If unconditional contracts for the sale of the property
are exchanged in the period during which we have
sole selling rights, even if the purchaser was not
found by us but another agent or by any other person,
including yourself;
ii. You will be liable to pay us our commission on
completion of sale of your property up to 12 months
after termination of this Agreement, if the purchaser
was introduced by us or by an agent we instructed on
your behalf or by any other person, including yourself,
during the period in which we had sole selling rights;
iii. If a ready and willing purchaser agrees to buy your
property in the period during which we have sole
selling rights at a price of at least the Reserve/
Purchase Price, but you withdraw from this
Agreement, even if the sale does not proceed to –
2. The duration of this SSR agreement is 8 weeks (the
Contract Period) from either the date of signing, or the
Marketing Commencement Date indicated overleaf,
whichever is the later. After 8 weeks this agreement
continue unless the following actions incurs:
2.1 You give Us 14 days written notice to cancel you
agreement with us; or
2.2 The Contract Period shall continue until all
outstanding fees and the Release Sum due to us and
specified in the Option Terms clause 7.1 and 7.2, are
paid in full; or
2.3 The Contract Period shall continue until You remedy
the breach referred to in Clause 1 of the Sole Selling
Rights Terms of Agreement; or
2.4 The Contract Period shall continue if You sell to a
third party introduced directly or indirectly through during
our Contract Term even if the purchaser was not found
by us but another agent or by any other person, including
2.5 Delay is due to the actions of You, in which case the
Contract Period will continue until the breach or cause is
3. Any agreed extension (as mentioned in Clause 2 – 2.5)
will operate on the same terms as this agreement, except
for the marketing and reserve price which may be altered.
4. If you have instructed any other agency in respect of
selling your Property prior to us then, subject to their
terms & conditions, you may also be liable for their
commission fee in addition to our fee. Please check your
contracts carefully and seek legal advice if necessary.
5. All negotiations in relation to your property must be
carried out through us. Upon your acceptance of an offer
from a purchaser who pays us a holding deposit to buy
your property you agree and instruct us to immediately
cease marketing the property and refuse to accept
any further offers. Where the buyer fails to complete a
purchase on your property, they may lose their holding
deposit, providing the failed purchase was not as a result
of your actions or problems with the property and/or title.
50% of the deposit may be payable to you so long as you
agree to extend the Term of the Selling Rights Agreement
by a further 8 weeks.
6. Although we request that buyers do everything possible
to complete their purchase within 56 days, we make
no guarantee of this and sellers agree to provide the
purchaser with as much time as necessary to complete
their purchase. Should a seller withdraw from an agreed
sale and where a buyer still intends to complete their
purchase, the Option Release Sums and/or Sole Selling
Rights Commission Fee will become payable in full.
7. A valid Energy Performance Certificate (EPC) is required
for all properties offered for sale. The EPC must at least
be commissioned before marketing commences and
should be in place within 7 days. If it is not in place within
28 days the property must be withdrawn from the market
until the EPC is available, you must treat any requests
from our energy assessors as a matter of priority.
8. In line with The Money Laundering Regulations 2007,
together with successor legislation incorporating 2017
regulations, as a regulated profession, we are duty
bound to carry out due diligence on all our clients to
confirm their identity. Rather than traditional methods
in which you would have to produce multiple utility bills
and a photographic ID we use an electronic verification
system. This system allows us to verify you from basic
details using electronic data, however it is not a credit
check of any kind so will have no effect on you or your
credit history. By signing this agreement as the seller, you
understand that we will undertake a search with Experian
for the purposes of verifying your identity. To do so
Experian may check the details you supply against any
particulars on any database (public or otherwise) to which
they have access. They may also use your details in the
future to assist other companies for verification purposes.
A record of the search will be retained.
(Applicable to all Fixed Price Option clients)
Seller to sign in all cases
Vendor 1:
Signature: Name: Date:
Vendor 2:
Signature: Name: Date:
Sole Selling Rights Terms of Agreement
9. Unless specific instructions to the contrary are provided,
you give us authority to erect a For Sale board within the
curtilage of the property. We accept liability for any
arising in connection with the board, unless the action
arises as a result of a further board being erected by
another agent or there is a restriction on the placement of
a board that you have not advised us of. The For Sale
board will remain at all times our property.
10. Prospective purchasers may be provided with a range of
services including, mortgage facilities, life insurance,
property insurance, removal services, and conveyancing
services by us or third parties, for which fees or
commission may be received. This does not affect our
obligation to you to secure the best reasonably available
price for your property.
11. We reserve the right to sub-instruct additional agents,
where it is believed to be in your best interests, at no
additional cost to you.
12. Under the Consumer Protection from Unfair Trading
Regulations and the Property Redress Scheme Code of
Practice anything we say or publish about your property
must be accurate. It is therefore very important that you
read the details we produce to describe your property
very carefully and immediately inform us if there is
anything that is inaccurate. In addition, we are obliged to
pass on any material information that would impact on a
potential buyer’s transactional decision and so you must
advise us of anything you feel is relevant to this.
13. Where you have any connection to our agency, we must
disclose details to any prospective buyer. Please assist
us by informing us immediately if you are aware of any
business association, family relationship or other
connection you might have with this agency, or any of our
14. You will instruct your Solicitor to pay us all sums due to us
under the terms of this agreement from the proceeds of
sale on the day of completion of the sale and authorise us
to contact your solicitor directly to inform them of this
arrangement and the sums due. Settlement of
commissions and fees must be made within seven days
of becoming due. In the event of any account remaining
unpaid for more than 7 days from the due date, then we
reserve the right to charge simple interest on any sum
outstanding at the Law Society Interest Rate calculated
on a daily basis.
15. You will indemnify us against all costs, charges as
expressed (including legal costs) incurred by us in
enforcing our rights against You under this agreement and
will do so notwithstanding any allocation to the small
claims track of any claim issued by Us in the County Court
for that purpose and so that any such legal costs will be
summarily assessed and added to the judgement debt.
16. We accept no liability or responsibility for the maintenance
or repair of, or for any damage to, the property any time. If
the property is vacant when adverse weather conditions
are likely, frost damage may occur to water and heating
systems and sanitary appliances. You are strongly
recommended to take all necessary action to protect the
property from such risks and to ensure that you have
adequate insurance cover.
17. You agree to take any further legal advice required on the
Terms of this agreement prior to entering into it.
18. The Property Redress Scheme can be contacted at their
address of: Property Redress Scheme, Premiere House, 1st
Floor, Elstree Way, Borehamwood, WD6 1JH. Their website
address is:
19. Nationwide Property Developments Limited and ‘The
Online National Residential Estate Agency Limited have
an internal complaints procedure, details of which are
available upon request by emailing: and by calling 01244 341066. Both
companies are members of the Property Redress Scheme
(PRS) should you feel it necessary to continue with your
complaint. By entering into this agreement, you agree that
if the PRS asks for information about any aspect of our
dealings with you, we can provide the information;
whether that be in relation to a complaint, or their
monitoring process. A copy of their Code of Practice and
the Consumer Guide is available from
20. We are registered with the Information Commissioner as a
data processor with the registration number ZA081795.
21. Our liability to you for any loss or damage claimed in
respect of the instruction shall be limited to an aggregate
sum not exceeding the amount of the Commission.
1. If you are a consumer client fee and this is a sole selling rights or fixed
price option agreement you have the right to cancel this contract within 14
days without giving any reason. The cancellation period will expire after 14
days from the day this contract was agreed. To exercise the right to cancel,
you must inform us of your decision to cancel the contract by sending a
clear statement in writing to us at National Residential, 1 Hunters Walk,
Chester, Cheshire CH1 4EB or email your cancellation to You may use the attached model
cancellation form, but it is not obligatory. To meet the cancellation deadline,
it is enough for you to send your communication concerning your exercise
of the right to cancel before the cancellation period has expired.
2. We are unable to begin marketing your property for 14 days unless you
provide us with specific instructions to do so. Please indicate the Marketing
Commencement Date where indicated at the beginning of this document.
3. If you do request that we begin immediate marketing of your property
during the cancellation period and you do exercise your right to cancel, you
will be required to pay us an amount which is in proportion to what has been
performed until you communicated your cancellation of the contract. This
will include reasonable expenses incurred for advertising and preparation
of property particulars, etc. This fee will not exceed £600 including VAT,
except where we introduce or have negotiations with the ultimate buyer of
the property before you exercise your right to cancel the contract. In this
case the contract will have been fully performed and the agreed agency fee
would be due, notwithstanding that cancellation took place.
T 01244 341066
A 1 Hunters Walk, Chester, Cheshire CH1 4EB
VAT Number GB 278 7395 39
Company No. 06421548
Right to Cancel
Please Market My Property Without Delay
Cancellation Notice
To: National Residential, 1 Hunters Walk, Chester, Cheshire CH1 4EB
I/We hereby give notice that I/we cancel the contract for the supply of estate agency services that was agreed on
in relation to my/our property at:
(enter the property address).
I/We understand that I/we may be liable for the expenses/fees, as outlined within the agreement I/we signed.
Client/s name & address:
Signed: Date: Signed: Date:
If you wish to cancel this contract you must do so in writing and deliver your notification personally, or send it to us by post within 14 days.
You may use this form if you wish, but you do not have to.
Owner’s Name 1:
Owner’s Signature:
Owner/s Address/es if different to above:
Owner’s Name 2:
Owner’s Signature:
I/We wish the performance of this option agreement to commence before the expiration of the 14 day cancellation period.
I/We acknowledge that we will be liable for any costs incurred up until the date written notice is given.
Please note: If you cancel after the 14 days ‘right to cancel’ has expired but you are still within the 8 weeks contract term then our full fee will become payable. You must provide us with 14 day
notice to cancel the contract and the full 8 weeks contract term

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