Commission Terms & Conditions
I. SALE / PURCHASE
Where there is any immovable property that is transferred through sale or exchange or by transfer of shares in a Co-operative Society or Company or any other Association of Persons or through any other agreement or arrangement, including Transfer of Development Rights (TDR), FSI or Long Term Transfer of Development Rights, commission at the following rates on the total consideration amount (inclusive of loan amount) and /or deferred payments, if any, shall be paid to Grishma Ramanan as under:
(a) Where we act on behalf of both the Buyer and the Seller, commission at the rate of 2 % shall be paid to us by each party.
(b) Where we act only for the buyer or the seller, commission @ 2% shall be paid by the party for whom the member acts.
Any transaction that includes that of immovable property covers all transactions under the definition given in Section 269 U, Chapter XX-C of the Income Tax-Act, 1961, and also under Transfer of Property Act, 1882.
Note : In the event, a company is taken over, with the express or implied intention of acquiring the immovable property of the company, then 2% of the market value of the property will have to be paid by the Vendor and the Purchaser to the Grishma Ramanan as commission.
Terms of Payment
25% of the commission shall be payable to us 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.
75% of the commission shall be payable to us on receipt of allotment letter or on signing of agreement or on possession or on receipt of full payment whichever is earlier.
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 Purchaser price / sale price of any premises, where goodwill and/or consideration is payable.
III. (A) LEASE / LEAVE & LICENSE / BUSINESS CENTRE
In the case of Lease / Leave and License / Business Centre Agreement, commission @ 2 months rent and 2% of the deposit amount, becomes due & payable, both by the Lessor / Licensor / Business Centre owner AND by the Lessee / Licensee / Occupier of the Business Centre; to the broker concerned. The above commission is payable irrespective of the period of Lease / Leave and Licensee / Business Centre agreement.
On renewal of Lease / Leave and License / Business Centre, 1 month’s rent and 1% of the deposit amount becomes due and payable both by Lessor / Licensor / Business Centre owner and Lessee / Licensee / Occupier of Business Centre, to the broker concerned on the escalated deposit and rent etc.
The Lessor / Licensor / Business Centre owner and the Lessee / Licensee / Business Occupier shall individually pay to the broker concerned, 2% of the total deposit amount or advance rent, irrespective of the period of Lease / Leave and License / Business Centre. ON RENEWAL of Lease / Leave and License / Business Centre, irrespective of the renewal perios, one percent of the deposit amount becomes due and payable BOTH, by the Lessor / Licensor / Business Centre owner and the Lessee / Licensee /Business Centre occupier, as brokerage, to the broker / brokers concerned.
(C) PAYING GUEST
Commission equivalent to two months compensation shall be payable by Paying Guest to the member and 1 month’s rent from the Owner.
IV. MANAGEMENT OF PROPERTIES
Commission @ 10% shall become due and payable to the member of the total amount collected as rent / compensation in respect of properties managed by the members. For additional service rendered extra fees shall be due and payable to the member as may be mutually agreed upon.
V. (A) FRANCHISING
Commission at twice the minimum monthly income / guarantee or 2 months rent, whichever is higher is payable to the Agent.
In the event of anything mentioned in VI a) (i) is not applicable, 2% of market value of property shall be payable as commission by both Franchiser / and Franchisee.
(B) TIME SHARING
In the case of Time Sharing minimum of 10% or higher amount as mutually agreed upon, shall be payable as commission, by the Seller / Developer / Time Share Marketing / Management Company / Resort etc.
NOTE : Commission / Brokerage / Agency Fee / Services Charges / Any Other charges, under any name whatsoever paid to the member for services rendered SHALL NOT BE REFUNDABLE UNDER ANY CIRCUMSTANCES.
The current rate of GST on realty services is 18 %.