The research mandate
Summary:
1 . What is a research mandate?
2 . What are the obligations of a research mandate?
3 . What are the mandatory information for a research mandate?
When you start looking for a property, whether it's for the purchase of a house, an apartment or even a piece of land, it is often difficult to find exactly what you are looking for. This is where the real estate search mandate comes in, a valuable tool that can help you find the property of your dreams. In this article, we'll explore what a search mandate is, how it works, and why it can be beneficial for real estate searchers.
This contract gives the professional the right to search for a property that meets the criteria defined by the client. The search mandate can be used to search for properties to buy or rent, and it can be specific to a type of property (apartment, house, land), a geographical area or specific characteristics of the property (number of bedrooms, surface area, etc.).
What are the obligations of the research mandate?
As the search mandate is a relatively binding contract, it is necessary to think carefully before contracting it by signing it and to check the presence of all the legal elements that must be included.
As principal and purchaser, when the mandate is signed, the latter undertakes to remunerate the agent with his fees in the event that the sale leads to a transaction. The mandate makes it impossible to negotiate from buyer to seller in order to avoid the payment of fees if the property has been identified via the agent. Added to this is the obligation of remuneration in the case of an exclusive search mandate, even if the purchaser finds a property by his own means.
As agent and agent, when the mandate is signed, the latter undertakes to offer goods coinciding with the buyer's request. The agent must therefore justify a duty of information and transparency by regular reports to the purchaser. No details that may be of interest to the potential buyer should be omitted, otherwise the agent may be considered at fault and will have to pay damages.
What information is required in the research mandate?
- Identity of the purchaser: the search mandate must mention the contact details of the principal (name and surname, address, date of birth, nationality, marital status, etc.).
- Identity of the legal entity: the contract must include the name of the agent and the name of the agency as well as the real estate agent card, the civil liability insurance, the address of the company and the SIRET number...
- Description of the property sought: the description must be as detailed as possible in order to refine the research to achieve the desired property by specifying the condition of the private portions and common areas, the location, the view, the neighborhood, the constructability of the land, the number of rooms, bathrooms, facilities (air conditioning, electrical network ...), etc ...
- Price of the property sought: specified in a clear and precise way in order to inform the maximum possible budget.
- Conditions of fees: the payment can be in the form of a fixed commission or percentage, in this case, the latter must be specified and clearly indicated as to its value. The amount of the fees is essential in order to know the precise amount to be paid before writing the promise of sale.
- Duration of the mandate: it commonly corresponds to a period of three irrevocable months, tacitly renewed at intervals of one month, until termination.
- Means implemented: with the Alur, it must be included in the search mandate the duty of information of the agent towards the purchaser, more particularly about the periodicity of the reports.
- Type of mandate: like a classic sales mandate , it can be simple or exclusive.
- It is also possible to use the services of an agency to conduct an offer to purchase through the search mandate.
- The search mandate is a type of contract thanks to which a buyer entrusts to a transaction real estate agency the search for the property to buy according to its criteria, predefined beforehand in order to benefit from the agent's network.
- As principal and purchaser, when the mandate is signed, the latter undertakes to remunerate the agent with his fees in the event that the sale leads to a transaction.
- As agent and agent, when the mandate is signed, the latter undertakes to offer goods coinciding with the buyer's request.
- The mandatory information of the search mandate: identity of the purchaser, identity of the legal person, the description of the property sought, the price of the property sought, the conditions of fees, duration of the mandate, means implemented, type of mandate.
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Posted on 20/10/2021 by
Andy LECUYER
