General Terms & Conditions
Our offers and exposés are based on information provided by third parties. The details provided by the seller/landlord/lessor are not checked by us for factual accuracy. We are only liable for the accuracy of such information if it can clearly be classified as incorrect, implausible or as otherwise questionable based on the knowledge required of someone in the estate agent profession.
2. Forwarding of documents
Our offers and the documents sent by us are only intended for the customer and must be treated as strictly confidential by customers. The customer may not disclose them to any third parties without our prior written consent. Should the customer breach this duty, they may be liable for damages.
3. Customer’s prior knowledge
If our customer is already aware of a possibility of entering into a main contract referred to them by us, then they are required to notify us of this in writing, stating the source, no later than eight days after receiving the initial information on the property. If the customer breaches this duty and we begin acting for the customer on these grounds without our actions leading to an entitlement to commission, then the customer will be obliged to compensate us for any losses arising as a result.
4.1 Entitlement to commission
The entitlement to commission arises when a legally binding main contract has been entered into regarding the property we have named as a result of our referral or introduction. It is also sufficient if our activities were only one of the contributing factors. If is it not expressly agreed that we will act as introduction agents, then the referral already provided by us is subject to commission. For the purposes of this agreement, a main contract is any tenancy agreement, lease, sale and purchase agreement or any other contract relating to the real estate.
If an employee from our company was not present when the main contract was entered into, the customer shall inform us without delay of all the information regarding the main contract that has been entered into which we require in order to calculate the commission. This includes in particular, but not exclusively, the names of the parties to the main contract, the description of the property, the term and monthly net rental charge (for tenancy agreements/leases) and the purchase price including any incidental expenses (for sale and purchase agreements).
If the main contract comes about on different terms and conditions than those originally agreed on or relates to a different property of the contract partner referred by us, then we will also be entitled to commission. This does not apply if the economic terms of the transaction which has come about are not identical to the transaction offered by us or if its economic results are substantially different from the transaction offered.
4.2 Commission rates
The commission to be paid by the customer is calculated according to the following rules and is subject to statutory VAT (currently 19%).
Sale and purchase of real estate
Purchase price of up to EUR 15 million: 5.0% of the purchase price
Purchase price of up to EUR 25 million: 4.5% of the purchase price
Purchase price of up to EUR 35 million: 4.0% of the purchase price
Purchase price of up to EUR 50 million: 3.5% of the purchase price
Purchase price from EUR 50 million: 3.0% of the purchase price
The purchase price consists of the sum of the total purchase price for the property plus all incidental expenses associated with the acquisition of the real estate and any liabilities assumed by the customer.
If the acquisition does not take place by way of a purchase of the actual real estate, but by purchasing shares in the company to whom the real estate belongs, the purchase price of the shares will be used to calculate the level of commission.
Referral or introduction of purchase options/rights of first refusal
The commission for referral or introduction of purchase options/rights of first refusal is 1% of the property’s market value.
Renting and leasing
For renting/leasing, the commission is 3.6 net monthly rental/lease charges regardless of the term of the tenancy/lease.
If the parties to the main contract agree on an option in relation to the floor area or term on the basis of our referral or introduction, then the commission to be paid under the above provision will increase by 1.6 net monthly rental/lease charges to a total of 5.2 net monthly rental/lease charges regardless of whether or not this option is exercised.
If graduated rent is agreed in the main contract, then the net monthly rental/lease charges relevant based on the commission will be calculated on the basis of the average of the net monthly rental/lease charges payable over the term of the contract, but no longer than the next ten years following the time of conclusion.
If turnover rent is agreed in the tenancy agreement or lease, then the commission will be 3.6 net months’ rent for the projected 10-year term of the tenancy/lease which the parties would have agreed if they had agreed a fixed tenancy/lease instead of turnover rent. The customary local rent for comparable properties and the rent the landlord/lessor asked for before agreeing on a turnover rent with the estate agent’s customer shall in particular, but not exclusively, be taken as a basis.
If it is agreed in the main contract that the customer will pay key money for or purchase installations, fixtures and other components of the property, then the commission will increase by 3.0% of the key money or purchase price.
4.3 Payment of commission
The commission is due for payment upon conclusion of the main contract. It is payable within 14 days of receipt of the invoice.
We are dependent on the information provided by our estate agency customers when claiming our agency fee. If the customer fails to duly inform us about the conclusion of an agreement or does not do so in good time and we are only able to claim our provision entitlement at a later stage, then we will be entitled to claim damages for delay. This does not affect our right to claim for other damages.
5. Liability for willful misconduct or gross negligence only
We are only liable towards the customer for breaches of contract due to willful misconduct or gross negligence, unless such breaches lead to injury to life, body or health.
6. Choice of law
Our legal relationship with the customer is governed by the laws of the Federal Republic of Germany.
7. Place of performance and legal venue
The place of performance and legal venue for registered traders (Vollkaufleute) is Cologne.
8. Saving clause
Should any provisions of this estate agency agreement be or be held to be ineffective, invalid or void, this shall not affect the validity of the agreement as a whole. In this case, both parties agree to replace the ineffective, invalid or void provision with a provision which comes as close as possible to the commercial sense and purpose of the original clause.
9. Priority of the German version
If these General Terms & Conditions exist in various languages, then the German version shall alone be relevant for clarifying any interpretation issues.