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Terms and Conditions  

Standard Terms and Conditions of Knight Frank GmbH & Co. KG

 

1. Commission entitlement

Our commission entitlement arises as soon as a contract regarding the property mentioned by us has been concluded on the basis of our documentation resp. our brokering. In this regard contributory causation shall be sufficient. If the contract is concluded on other terms than those originally offered or if it is concluded for another property of the contract partner identified by us, this shall not affect our commission entitlement as far as the completed transaction is commercially identical with the transaction offered by us or in its commercial result only insignificantly deviates from the offered transaction. The same applies accordingly if a different contract than the one originally planned is concluded (e.g. usufructuary lease instead of lease, purchase instead of lease, inheritable building right instead of purchase).

 

2. Follow-up transactions

We also have a commission entitlement if further contractual agreements closely connected in time and commercially to the initial agreement brokered by us rsp. based on our documentation, and which are related to the existing broker agreement, are concluded between you and your contractual partner.

 

3. Due date of commission entitlement

Our commission entitlement becomes due upon conclusion of the main agreement. The commission is payable within 14 days after issuance of the invoice without any deduction.

 

4. Commission rates

The following rates are agreed between you and us upon conclusion of the broker agreement.

 

a) Purchase

Upon purchase and sale of properties and property-equivalent rights as well as upon transfer of company rights, calculated based on the obtained total purchase price and all secondary payments related thereto by the purchaser as follows:

 

- purchase price up to € 5 million                            4%

- purchase price of € 5 million to € 30 million          3%

- purchase price over €30 million                            2%

 

b) Inheritable building right

Upon creation resp. transfer of inheritable building right 5 % of the value of the inheritable building right, which is derived from the capitalisation of the rent for the inheritable building right having regard to the term and if applicable from the price for the creation or transfer of the inheritable building right, payable by the acquirer of the inheritable building right.

 

c) Right of acquisition and right of first refusal

For agreements on rights of acquisition and rights of first refusal 1 %, calculated based on the sale value or in the absence thereof, based on the market value of the property by the beneficiary.

 

d) Lease and usufructuary lease

- For leases with a term less than 5 years

  2.5 net months' rent by the tenant

- For leases with a term of 5 to 10 years

  3.0 net months' rent by the tenant

- For leases with a term over 10 years

  3.5 net months' rent by the tenant

 

In case of agreement of rent-free periods such as e.g. development costs allowance, furnishings, assumption of liabilities from old leases, release payments, etc. the initial monthly rent to be paid in the usual amount shall be applied as a calculation base. If in addition a staggered rent agreement is entered into, the commission is calculated on the basis of the average rent for the agreed term of the contract.

 

e) Options and rights of first lease

If options regarding the area or term resp. rights of first lease are agreed, one further month's rent by the tenant, irrespective of whether such agreement is concluded independently or in a lease with a fixed base term.

The abovementioned commission rates are respectively subject to VAT in the amount set by law.

 

5. Offers

Our offers are based on the information provided to us. The offers are made according to best knowledge and belief. They are subject to change and non-binding. Correction due to errors, interim sale resp. interim lease are reserved.

 

6. Disclosure

Our offers and notices are only intended for the recipient himself, shall be treated confidentially and may not be disclosed to third parties. If due to a disclosure a contract with a third party is concluded, we are entitled to a commission from you in the amount which would have arisen upon direct conclusion of a contract.

 

7. Prior knowledge

If you are already aware of the opportunity for the conclusion of a contract documented by us, you are required to inform us thereof without delay. Otherwise upon conclusion of a contract, you are in any event required to pay to us a commission on the basis of the Standard Terms and Conditions.

 

8. Activities for third parties

We are also entitled to act for the other contracting party with or without compensation.

 

9. Place of performance and place of jurisdiction

Place of performance and place of jurisdiction for merchants (Vollkaufleute) is Munich.