I. General Provisions
1.1 These General Terms and Conditions (the “Terms”) govern the relationship between Property Marketplace (the “Broker”) and any natural or legal person (the “Principal”) who enters into a Real Estate Brokerage Agreement (the “Agreement”) with the Broker for the sale, purchase, or lease of immovable property.
1.2 Property Marketplace operates under the applicable laws and regulations of Malta.
II. Immovable Property Offer
2.1 The Broker’s property offers are based on information provided by property owners, sponsors, or direct observations.
2.2 The Principal guarantees that all information provided to the Broker regarding the immovable property is accurate and truthful, assuming full criminal and material responsibility.
III. Brokerage Agreement
3.1 The brokerage services are conducted under a Brokerage Agreement which outlines the rights and obligations of both the Principal and the Broker. The Agreement must be in written form.
IV. Broker’s Obligations
4.1 The Broker will:
- Strive to find a party interested in the transaction and introduce them to the Principal.
- Provide an objective opinion on the property’s selling or leasing price based on market conditions and property characteristics.
- Review property ownership documents and inform the Principal of potential legal risks.
- Facilitate property viewings and ensure compliance with the Brokerage Agreement.
- Keep the Principal’s personal data confidential and disclose property-related information only as necessary for the Agreement’s execution.
- Notify the Principal of interested parties and new property offers meeting the Principal’s criteria.
- Assist in the negotiation process and ensure all relevant factors are communicated to the Principal.
4.2 The Broker is considered to have fulfilled their contractual obligations if they:
- Directly arrange property viewings and meetings with interested parties.
- Provide representation during negotiations if necessary.
4.3 The Broker can fulfill obligations electronically unless otherwise agreed upon. In such cases, a licensed agent may be involved in live presentations of the property.
4.4 A Broker representative may attend scheduled property viewings to ensure compliance with the Brokerage Agreement.
V. Principal’s Obligations
5.1 The Principal must:
- Provide accurate and complete information regarding the property.
- Present original documents about property rights and inform the Broker of any encumbrances.
- Provide a copy of their ID or passport.
- Inform the Broker of any changes in contact information promptly.
- Allow property viewings at agreed times and attend scheduled viewings as required.
- Provide authenticated copies of property ownership documents upon conclusion of legal transactions.
- Pay the agreed commission and any additional expenses incurred during brokerage.
- Notify the Broker of any changes related to the brokerage transaction within 24 hours.
5.2 The Principal agrees to notify the Broker if they enter into any sale or lease agreements with parties introduced by the Broker, and to provide necessary documentation within specified time frames.
VI. Exclusive Brokerage Rights
6.1 The Principal may agree to an exclusive brokerage arrangement, where they commit not to engage another broker for the property during the agreed period.
6.2 If the Principal concludes a transaction through another broker during the exclusivity period, they must pay the agreed commission to the Broker.
VII. Brokerage Commission
7.1 The Broker earns a commission when the Principal enters into a lease agreement or a sale contract with a tenant or buyer introduced by the Broker.
7.2 The commission rates are outlined in the Brokerage Commission and Additional Services Price List, which is part of these Terms.
7.3 The Broker may adjust the commission or offer discounts based on specific circumstances.
7.4 If the Principal concludes a transaction with a party introduced by the Broker within six months (for rental) or one year (for sale) after the Agreement’s termination, the Principal must pay the full commission.
VIII. Sub-Brokerage
8.1 The Broker may transfer their rights and obligations under the Brokerage Agreement to another broker with the Principal’s consent.
8.2 The sub-brokerage contract will detail the terms and conditions for this transfer.
8.3 The Principal will receive a copy of the sub-brokerage contract within three days of its conclusion.
IX. Confidentiality and Copyright
9.1 The Broker adheres to data protection regulations and maintains confidentiality regarding personal and transaction data.
9.2 All data and materials related to the property are considered trade secrets.
9.3 The Broker retains intellectual property rights over all property-related materials and media, and these may not be used or reproduced without written consent.
X. Final Provisions
10.1 These Terms are governed by the laws of Malta. Any disputes not resolved by these Terms or the Brokerage Agreement will be addressed according to Maltese law.
Malta, 22.07.2024
Property Marketplace
