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Rentals: section C
Where an agent is NOT required to administer the building or residential property and merely collects the rental.
1. The administration fee for a contract shall be payable by the tenant unless specifically agreed otherwise.
2. Where a tenant instructs an agent to produce a substitute or subtenant to lease premises, which are under contract of lease to him, then the instructing tenant shall pay the agent a commission based on the length of the lease period.
3. Where the landlord agrees to enter into a new lease contract the landlord shall pay to the agent a fee or commission based on the remaining period of time.
4. The lessor shall pay a fee or commission on signing of the lease contract by the parties thereto, or occupation being given to the tenant, whichever is the earlier.
5. Commission on options shall be payable only when the option is exercised.
6. Where a lease contains an option to purchase or a right of first refusal in favour of the tenant and the tenant subsequently purchases the property the landlord shall pay to the agent upon such purchase being concluded commission based on Section A of this tariff.
7. In the event of the lessor electing at his discretion to undertake all necessary negotiations to complete the deal, thereby preventing the agent from performing such duties, the agent shall nevertheless still be entitled to receive the appropriate scale commission based on section A from the landlord.
(a) 10% excluding VAT of one month’s rental per month for the duration of the lease period and when the option to renew is exercised by the tenant and the rental escalated as indicated in the said contract, then the commission will be 10% excluding VAT of the new escalated lease amount.
(b) 1 month’s rental excluding VAT for the duration of the lease period or a pro rata share thereof based on the remaining period if the lease is shorter than a year. In the event of the tenant exercising his option to renew, the lessor shall pay the agent's fee of 3.5% excluding VAT of the escalated annual rent.