Agreement with Agent for procuring the Sale of a House

Agreement with Agent for procuring the Sale of a House
 (In the form of a letter)

From:

A. B. etc

To:

C. D. etc.,

Dated . . . . . . . . . , 20. . . . .

Dear Sir,

With reference to your request to put on record the oral understanding between us, arrived at on the evening of . . . . . . . . . . . in the presence of . . . . . . . . . . . I hasten to do the same:

1. You will introduce to me a ready and willing purchaser for my house known as ‘‘Ivy Cottage’’ situate on . . . . . . . . . . . . . . Road in the city of . . . . . . . . . . . . . ., and bounded as below—(boundaries of the house)

2. That in the event of any purchaser introduced by you buying the said property within the period of. . . . . . . . . . . . . . .months from the date hereof I shall pay you a commission of 2% on the money received by me from such sale.

3. That the house ‘‘Ivy Cottage’’ consists of the main two-storeyed building with electrical and sanitary fittings (but no furniture), outhouses, garage and an extensive compound, the entire property being in an area of about 10,000 sq. ft. The property is freehold and the sale will be free of all encumbrances.

4. That the sale price of the said property will be Rs 2,50,000 or any lesser amount I agree to accept and all costs of transfer to be borne by the purchaser.

5. Commission will accrue to you on the date the final payment of the sale price is made. But in order to oblige you I will make payments as follows:

(i) 2% of the earnest money will be paid to you on the date such payment is made, as refundable advance in the event of the transaction falling through;

(ii) 2% of the balance, on the day or days such balance or balances are paid, as refundable advance in the event of the transaction falling through.

6. I shall not be entitled to employ any other agent for procuring the sale of my said house within the said period of. . . . . . . months.

7. After the expiry of the said period of . . . . . . . . months this authority shall stand cancelled.

I confirm the above

Sd. C. D.                                                                                                                     Yours faithfully,

                                                                                                Sd. A. B.