GAMREALTY (trading as GamRealty, hereinafter the Agency), from Bijilo, The Gambia, on March 8th 2020 adopts the following Amended Terms and conditions.
The Agency is a real estate brokerage company registered within the Gambia under SRN 1312986721 of the Registrar of Companies. Terms and conditions of real estate brokerage define business relations between the Agency and its Client (person or legal entity). By entering into a real estate brokerage agreement the Client confirms that he/she is aware of and agrees with the provisions of these Terms and conditions. Terms and conditions are published on the Agency’s website www.gamrealty.com and exposed in the Agency’s office.
General terms of brokerage agreement
General terms of brokerage agreement are contractual provisions that one contracting party proposes to the other, whether they be contained in the written contract, or referred to in the form of the agreement. These Terms and conditions specify the type and conclusion of the real estate brokerage agreement, rights and obligations of the Agency and Client in property sale-purchase process, brokerage commission, rights and obligations of contractual parties in the event of real estate brokerage agreement termination and the use of Agency’s website.
Certain terms in the context of these Terms and conditions have the following meanings:
– Real estate / Properties are land plots along with anything permanently attached to it, on the surface on beneath, according to the provisions of Ownership and other real rights law;
– Real estate Agency / Broker is a licensed company, a person, or a tradesman, fulfilling the business requirements for real estate brokerage;
– Real estate Brokerage are any actions the Agency undertakes in order to liaise between the Client and the third party, including Property viewings, negotiations and efforts taken for closing legal deals concerning the purchase or sale of a property;
– Client is a person or company with whom the Agency is concluding the real estate Brokerage agreement (seller, buyer, and any other parties to a property ownership transfer).
– Third Party is a person whom the real estate Broker seeks to introduce to the Client, in order to negotiate a business deal regarding a particular property.
– Real estate Brokerage Agreement is the written contract between the Agency and the Client.
Real estate brokerage agreement must be signed by the Client in the event of the Client being the Seller who wishes to engage the Agency into the process of selling the Property and/or Client being the (prospective) Buyer who wishes to engage the Agency into the process of showing, buying, and/or revealing location the Property.
In signing the real estate brokerage agreement, the Agency assumes the obligation to try to find and bring in contact with the Client a third party interested to make a property sale or purchase contract with the Client; and the Client undertakes to pay the Agency fee in case the sale or purchase is made.
Real estate brokerage agreement is made in written form and becomes valid in the moment of conclusion. It is valid for 1 year and automatically extended until the property is sold/withdrawn from the market. Duration period may be differently agreed between the Parties.
Real estate brokerage agreement must contain information on the Agency, the Client and the Property, type and essential content of the subject for which the brokerage is being carried out and information on Agency commission and its due.
Should the Client be the Buyer, Terms and conditions will apply to the properties explicitly exposed location-wise, whether in email communication or in person. In the event of property viewing, in addition to the real estate brokerage agreement the Client being the Buyer can be presented with the Viewing Form – a list of properties shown by the Agency.
Standard real estate brokerage agreements are non-exclusive. The Client is obliged to pay the commission to the Agency only if the sale-purchase of the Property is a result of actions the Agency undertook in order to liaise between the Client and the third party, including explicit exposure of location and characteristics of the Property.
The Client may agree to exclusively use the brokerage services provided by the Agency, in the event of which:
– Exclusive brokerage must be clearly stated in the title of the agreement.
– The brokerage agreement shall contain a mutually agreed validity period.
– The Client will commit not to use the services of other brokers during the validity of the agreement.
– Property offer, prices, availability and viewings
The Agency offer is based on the information received from the sellers, which is subject to change we may have not known about. The Agency reserves the possibility of errors in the description and/or price of the property; or if the advertised property is already sold and/or rented, and/or that the seller decided to take the property off the market.
The Agency is not responsible for any errors or negligent behaviour by the sellers, omissions or damage caused by limitations and hidden flaws of the Property, which the Client knew or should have known, but failed to notify the Agency about.
The Agency is not responsible for negligent behaviour by the Client, for false, incorrect, untimely information, or omitting to provide true, correct, updated information on properties, or conditions and subject of brokerage.
The Agency is not responsible for any errors, negligent behaviour of excessive delays by Governmental bodies issuing requested and required documents and or permits.
Prices are generally stated in Gambian Dalasis, payable also in US Dollars, Euros or UK Pounds, according to the exchange rate agreed by both parties. If exchange rate is not specified, a middle rate of The Gambia Central Bank on the payment day shall be applied.
While the Agency will strive to show the Property to prospective Buyer on agreed date and time, it is not responsible for its occupancy or other third-party cause that may prevent from viewing. Should there be any viewing fee, the Agency will inform prospective Buyer upfront.
Acceptance of fulfilment
Real estate brokerage agreement does not authorize the Agency to accept on Client’s behalf the fulfilment of obligations arising from a (pre)contract concluded because of the brokerage. The Broker may, as an exception, conclude a sale-purchase (pre)contract on behalf of the Client, but only if the Client issues a special Power of Attorney for this purpose.
The Client is not obligated to enter into sale or purchase negotiations with the third party found by the Agency or conclude a (pre)contract under terms he/she has given to the Agency; however, the Client shall be responsible for any damage in case he/she acted against the principles of honesty and conscience.
Obligations of the Agency
By signing the real estate brokerage agreement, the Agency agrees to:
– Try to find and bring in contact a third party interested to make a property sale-purchase agreement with the Client.
– Inform the Client of average prices for similar properties in the area, on request and subject to availability.
– Inspect all available documentation proving ownership, possession and/or other real rights over the subject property.
– Undertake necessary actions to present the Property to the market and publish appropriate advertisements without Principal’s influence.
– Organize property viewings.
– Participate in negotiations and endeavour to close a sale-purchase agreement.
– Keep Client’s personal data for internal use only, as well as any information on the subject property or real estate brokerage agreement confidential, if this is required by the Client.
– Inform the Client on all circumstances relevant for the intended sale-purchase, of which the Broker is or should be aware of.
The Agency is not obliged to answer enquiries or provide any information about the properties in their offer, if it can’t undoubtedly determine the identity of the client (full name/surname and email or contact number), or if it suspects that the enquiry relates to unauthorized collection of information that could potentially produce financial loss for the Agency.
Obligations of the Client
By signing the real estate brokerage agreement, the Client agrees to:
– Inform the Broker of all circumstances important in providing brokerage services and present accurate information on the subject property, in particular building and/or usage permit or other documents proving the legality of the Property.
– Present proof of ownership (title deed) or other rights over the subject property and inform the Agency of any existing registered or unregistered liens or mortgages on the Property.
– Inform the Broker of any changes associated with the subject property, especially the changes in the ownership over the Property.
– Facilitate property viewings to the Agency and the third party interested in the Property.
– Provide the Agency with relevant and updated information on the property, especially including the description and price.
– Pay the agreed brokerage commission to the Agency, should the conclusion of the sale-purchase agreement be a result of actions the Agency undertook to liaise between the Client and the third party.
– Cover any costs exceeding agreed brokerage commission, if so agreed upon in the real estate brokerage agreement.
– Allow the Agency to reveal Property details and/or organize viewings only for the third party that has status of the Client.
Typical total commission for the brokerage services provided by the Agency is 5% from the finally agreed value of the Property, but not less than 25.000 Dalasis.
Commission is subject to the real estate brokerage agreement signed between the Agency and the Client. Agency reserves the right to agree the commission lower or higher than the typical, if in harmony with the financial situation of the Client, the work done and the result achieved.
Agency is not making distinction between the Buyer and the Seller. Accordingly, the brokerage commission is payable by all Clients, both the Buyer and the Seller, unless stated otherwise.
Agency may mediate for two Clients – both buyer and seller. In that case, the Agency may require from each Client only half of the total commission (which amounts to 2,5% of the agreed value of the Property), as well as half of the real costs (if such costs were contracted).
The Agency is entitled to the brokerage commission in the moment of signing the sale-purchase (pre)contract or any other legal act causing the transfer of ownership over the Property.
The Agency will charge the brokerage commission to the Client when a sales agreement is signed and the payment of any part of the sale-purchase price or the agreed fee has been made to/by the Client. Also, when the sale-purchase price be paid in stages, brokerage commission will be paid in full when a sales agreement is signed and the payment of any part of the sale-purchase price or the agreed fee has been made to/by the Client.
Should the sale-purchase (pre)contract be cancelled without the Agency’s fault, the Agency reserves the right to charge a penalty fee (equal to costs incurred, but not higher than the brokerage commission agreed) to the Client who cancelled the (pre)contract.
The Agency shall be entitled to the brokerage commission even in case when the (pre)contract mentioned in Article 19 is concluded by:
– Client’s, spouse, partner, relative in a straight line or in the side-line to the second degree or any other person(s) close to him/her (e.g., an authorized person, an employer/employee or an associate).
– Company established by the Client or by any of the persons mentioned in section A, or if the Client and any of the persons mentioned in section A together hold over 50% (fifty per cent) of shares (business interests, shares etc.).
Brokerage commission does not include any of the costs related to the buying process, (i.e. legal fees, notary fees, court fees, accountancy fees, land registry and cadastre fees, property tax, VAT etc).
Real estate brokerage agreement termination
Real estate brokerage agreement is considered terminated immediately a written termination notice from the Party wishing to terminate the agreement is delivered to the other Party. This clause does not refer to exclusive real estate brokerage agreements.
Upon termination, The Client shall cover extra costs for services provided outside the usual commission, if any such costs and services have been agreed upon in the real estate brokerage agreement.
If within 1 year upon termination of the real estate brokerage agreement the Client concludes a sale-purchase (pre)contract as a result of actions the Agency undertook in order to liaise between the Client and the third-party during validity of the real estate brokerage agreement, the Client shall pay the full brokerage commission to the Agency.
Provisions of paragraphs B and C of this Article also refer to the termination of exclusive real estate brokerage agreement.
Agency’s website domain is www.gamrealty.com. The content of the pages on that website is intended for your general information and use only. It is subject to change without notice.
Neither Agency nor any third parties can provide any warranty or guarantee as to the accuracy, performance, completeness or suitability of the information and materials found or offered on that website. You acknowledge that such information and materials may contain unintentional inaccuracies or errors. The use of any information or materials on this website is entirely at your own risk.
The website contains various materials owned by or licensed to the Agency. In accordance with the copyright laws, one should ask for permission before reproduction. All trademarks reproduced on the website, which are not the property of or licensed to the Agency, are properly accredited, if applicable.
Link(s) to other website(s) do not signify that we endorse those website(s). We have no responsibility for the content of the linked website(s).
Unauthorized use of this website may give rise to a claim and/or be a criminal offence. Any dispute arising out of such use is subject to the laws of The Gambia.
Gambian laws are to be applied for matters and business relations not covered by this Terms and conditions, when considering the relationship between the Agency and the Client.
In case of any disputes arising from and in relation to these Terms and conditions, the parties agree to the competence of the relevant court in Banjul.