In consideration of the property owner/principal (hereafter ‘You’, ‘Your’) identified herein entering a Managing Agency Agreement (hereafter ‘the MAA’) with HP Bowral Pty Ltd t/as Highlands Property (hereafter ‘We’, Us’, ‘Our’) for on-going management of the Property identified herein, We herewith pay to You the Switching Incentive defined herein on the following terms and conditions which are to be read in conjunction with the terms and conditions of the MAA:
Managing Agency Agreement
- You must have signed the MAA on Our standard terms and conditions. All fees payable under the MAA must be Our standard fees: (no other discounts or incentives apply).
- You must have completed all Our standard documentation associated with the MAA, including the Residential Leasing Information Checklist.
- You make the following warranties to Us. If any warranty herein is breached by You We may, in our absolute discretion, elect to terminate the MAA whereupon paragraph 9 below will apply.
- You are a registered owner of the Property with full authority to enter the MAA.
- All information provided by You to Us about the Property and about other matters relevant to the MAA is true.
- The Property satisfies all the conditions of the NSW Residential Tenancies Act 2010 and NSW Residential Tenancies Regulations 2010 (hereafter ‘the RTA&R’) for occupation of the Property by a residential tenant.
- In the event We notify You there is non-compliance with the RTA&R, You will rectify that non-compliance at your expense before no more than one month from Our notification.
- The Property is not currently listed for sale.
- The termination of all other managing agency agreements applicable to the Property is complete and effective.
Switching Incentive and Further Incentive
- The Switching Incentive is payable only where the Property is currently occupied, or has immediate history of being occupied, by a tenant under a Lease pursuant to the RTA&R.
- To satisfy paragraph 4 above, You must provide a copy of the Lease if there is a current tenant, or documents evidencing the immediate past tenant and current advertising for a new tenant.
- The amount of the Switching Incentive for each separate Property is determined as follows:
- Where there is a current tenant, the Switching Incentive is an amount equal to the current weekly rent or $500, whichever is greater, provided however that the Switching Incentive is no more than $1000.
- Where there is no current tenant, the Switching Incentive is $500. A Further Incentive will be paid upon the signing of a Lease equal to the amount (if any) by which the new Lease rent exceeds $500, provided however that the Further Incentive will be no more than $500.
- The Switching Incentive is paid on the Commencement Date of the MAA.
- The Switching Incentive is paid in accordance with Your instructions herein. By signing, You acknowledge receipt of the Switching Incentive. The Further Incentive (if any) will be transferred to Your nominated bank account immediately it is payable under paragraph 6.b. above.
- Except in the circumstances listed in paragraph 10 below, if the MAA terminates before the first anniversary of the Commencement Date of the MAA, You will repay the Switching Incentive and the Further Incentive (if any) to Us. To facilitate this repayment, You hereby authorise Us to deduct such repayment from moneys otherwise transferrable to You from Our Trust Account. In the event insufficient money is available in the Trust Account to pay Your obligation herein, You will immediately pay any shortfall to Us.
- The exception circumstances referred to in paragraph 9 are:
- The Property is sold by Us
- We fail to fulfil Our obligations under the MAA in circumstances where the fault is Ours.
- We will facilitate the transfer of agency from another managing agent on Your behalf. However, You accept full responsibility for any costs or fees payable for terminating any other managing agency applicable to the Property.
- If the Property is occupied by a tenant and We have been unable to inspect it prior to paying You the Switching Incentive herein, We will arrange an inspection as soon as possible in accordance with the Lease. Following the foregoing inspection we will advise if there are any things We require You to do to allow Us to manage the Property in accordance with Our Property Management Service Standards. If You decline to act on such things, We may, in our absolute discretion, elect to terminate the MAA whereupon paragraph 9 above will apply.
Email [email protected] for further information or call Victoria on 02 4861 0666 for a confidential discussion.