|
Fair Takes |
|
SCHEDULE OF RATES OF COMMISSION |
|
The
Estate Agents' Association of
Pune has fixed the following
uniform SCHEDULE of Commission
for its members, payable by
their clients for various
transactions concluded by them. |
|
|
The
following SCHEDULE was
adopted by the Association and
the members were directed to
adhere to this schedule
strictly. |
|
1.
SALE PURCHASE: |
|
Where any immovable property is
transferred or agreed to be
transferred by way of sale or
exchanged or whether by way of
admitting as a member or by way
of transfer of shares in
Co-operative Society or Company
or other Association of persons
or by way of any agreement or
arrangement or in any other
manner whatsoever commission at
the following rates on the total
consideration amount (inclusive
of loan amount) and/or deferred
payment, if any, shall be paid
as under:
a) Where a member represents
both the Buyer and the Seller,
he is entitled to a commission
charge @ 2% from both the Buyer
and also from the Seller.
b) Incase of a member
representing either the Buyer or
the Seller, commission at the
rate of 2% shall be paid by the
party, for whom he or she is
acting.
c) Where a member acts for the
Buyer and Seller commission at
lumpsum (which is settled or
agreed before the transaction
either it could be more or less
than 2%) shall be paid by the
party for whom the member acts.
Any transaction of immovable
property includes all
transactions covered under
Definition given in Section 269
U Chapter XX-C of the Income Tax
Act, 1961 and also under
Transfer of Property Act, 1882.
In the event of the transaction
of immovable property whereby
Form No. 37-1 is submitted to
Appropriate Authority and the
Appropriate Authority decides to
purchase/acquire the said
immovable property under Sec.
269 U of Chapter XX-C of Income
Tax Act, 1961 the members
(Estate Agents) are entitled to
receive brokerage commission as
on basis of their prior
arrangement/understanding/agreement
with the Seller/ Transferor. The
member (Estate Agent) concerned
for Transferee may
recover/receive brokerage
commission from Appropriate
Authority being the
Purchaser/Acquirer of the
immovable property or rights
therein under Section 269 U of
Income Tax Act, 1961.
The above commission at the
aforesaid rates shall, unless
otherwise agreed to be paid as
under :
a) 25% of the commission shall
be paid forthwith to the member
at the time of payment of
earnest money or token amount
whether simultaneously
accompanied by execution of an
Agreement or Deed of Transfer or
not by way of non-refundable
service charges and out of
pocket expenses.
b) 75% to be paid on the
completion of the transaction
i.e., in case of an Agreement
for sale on the full purchase
price being paid and in case of
Conveyance on or before
execution of a Conveyance. |
|
 |
|
2)
GOODWILL: |
a)
Commission @ 5% on the total
consideration of the property
shall be due and payable to the
member by both the Purchaser and
the Seller on the purchase price
and sale price respectively of
any premises, where goodwill
and/or consideration is payable.
b) Commission equivalent to two
months compensation/rent shall
be due and payable by the
Licencee / Lessee to the member
on premises secured on Leave and
Licence basis for periods
ranging from 11 to 33 months,
also in case of premises secured
on lease for period ranging from
1 to 3 years. |
|
|
3)
A) LEASE OR LEAVE AND LICENCE : |
|
Commission equivalent to two
month's compensation/rent and 2%
on Deposit shall be due and
payable by the Licensee/Lessee
to the member on premises
secured on leave and licence
basis for periods ranging from
11/12 months and 22/24 months.
Thereafter, additional amount
equivalent to one months'
compensation/rent shall become
due and payable to the member
from the Lessee/ Licensee as
commission for every additional
renewal period of 11/12 months
or part thereof, as the case
maybe. |
|
|
B]
DEPOSIT : |
In
the event of Licensee/Lessee
depositing or advancing an
amount equivalent to more than
six months' Rent/Compensation to
Lessor/ Licensor, the former
shall pay brokerage equivalent
to two months' rent compensation
and in addition, two percent on
such total deposit or advance
amount.
Similarly Lessor/Licensor shall
pay brokerage equivalent to one
month rent/compensation and one
percent on deposit or advance
amount. |
|
|
|
C]
PAYING GUESTS: |
|
Commission equivalent to two
month's compensation shall be
payable by paying guests to the
member. |
|
|
D]
OUT OF MUNICIPAL LIMITS : |
|
Commission @ 5% shall be due and
payable to the member on the
purchase/sale of properties
beyond the Municipal limits of a
town / city by each of the
Purchaser and Seller on the
total consideration of the
transaction, subject to minimum
commission of Rs 5,000/-. |
|
|
5]
MANAGEMENT OF PROPERTIES : |
Commission @ 5% shall become due
and payable to the member on the
total amount collected as
rent/compensation in respect of
properties managed by the
members. For additional services
rendered extra fees shall be due
and payable to the member as may
be mutually agreed upon.
All commission shall become
payable to the member by the
purchaser/ seller/licensee as
the case may be at the time of
the execution of the Agreement
and/or at the time of handing
over or taking over the
possession of the accommodation
/premises whichever is earlier.
Commission Brokerage/Agency
Fees/Service Charges/Terminal
Charges under any name paid to
the member for services rendered
SHALL NOT BE REFUNDABLE UNDER
ANY CIRCUMSTANCES. |
|
|
|
|
