General Terms and Conditions

The terms and conditions given below govern, in addition to the legal regulations, the contractual relationships between the contracting party and Virtus Investmentconsulting e. K. (hereinafter referred to as the “Realtor”).

§ 1 Applicability

Upon the conclusion of a brokerage contract these terms and condition shall become an integral part of the contract. Any conditions of the Client that deviate from or contradict these Terms and Conditions shall only apply if the Realtor agrees to them in writing. When placing an order, the Client recognizes the applicability of these Terms and Conditions.

§ 2 Confidentiality

Any information on properties and their owners supplied by the Realtor are intended solely for the use by the Client. Giving any information to a third party – even consultants – requires the consent of the Realtor. If a purchase contract is concluded between the third party and the documented buyer as a result of any unauthorized disclosure of the broker offer, the Client will be obliged to pay the commission he would have had to pay, if he himself had acquired the property.

§ 3 Ownership and Property Particulars

The Realtor points out that any information on the property passed on by him has been supplied by the Seller or a third party acting on the instructions of the Seller and has not been checked as to its correctness. It is the Client’s responsibility to verify all the information as to accuracy. The Realtor, who just passes on the information, shall therefore not be held liable for the correctness. For this reason the provision of these property details shall not give rise to any claims, in particular for damages or disclosure of information due to incomplete or incorrect information.

§ 4 Brokerage Commission

  1. The buyer shall be obliged to pay a brokerage fee of 7.14% of the total purchasing price to the Realtor. This fee includes the current Value Added Tax. The commission is calculated from the purchasing price plus any additional payments of the buyer to the seller (as e.g. taking over any encumbrances, one-off payments for fixtures and fittings etc.). In the cases when the total purchasing price exceeds 10,000,000.00 EUR the commission will be reduced to 4.76%, with amounts exceeding 25,000,000.00 EUR the commission will go down to 3.57% (including current VAT).Any subsequent reduction of the purchase price does not reduce the commission claim of the Realtor.

  2. The commission of the Realtor is due upon conclusion of the fully effective purchase contract with the contracting party introduced and brokered by the Realtor. This shall also be the case if the purchase contract is concluded only after the termination of the brokerage contract but due to the activities of the Realtor.

  3. The purchase of a non-material or real share of the property or granting leasehold and the like, as well as granting corporate rights, if in line with the economic purpose mentioned in the brokerage contract, shall also be considered a main contract resulting in a commission fee for the Realtor. Any contract concluded by a natural or legal person to whom the purchaser entertains a close and lasting legal or personal relationship shall also be considered a main contract resulting in a commission fee for the Realtor.

§ 5 Reimbursement of Expenses

If no contract is concluded, the Client shall be obliged to reimburse the Realtor for all expenses incurred during his work for the Client. Those costs (as e.g. advertisements, internet presence, telecommunication costs, postage, travel expenses etc.) have to be accounted for by the Realtor.

§ 6 Notification of Prior Knowledge

If the Realtor introduces the buyer to a property already known to him, the buyer shall be obliged to repudiate the information on the property in writing or in text form.

§ 7 Limitation of Liability

  1. The liability of the Realtor shall be limited to damage resulting from willful or grossly negligent conduct as long the Client has not suffered any bodily harm or has lost his life as a result of the Realtor’s conduct.

  2. As far as claims for damages are excluded or limited, this limitation shall also be valid for the conduct by a legal representative, employee or vicarious agent of the Realtor.

§ 8 Anti-Money-Laundering-Check

The Realtor is legally obliged to undertake an Anti-Money-Laundering Check.  The Client is obliged to provide the Realtor with the necessary information and documents required by law and to promptly give written notice about any changes therein.

§ 9 Information on Online Dispute Resolution

The EU has created an online platform for the online settlement of disputes (hereinafter called “OS Platform”). This OS Platform serves as a means of alternative dispute resolution for all disputes on contractual obligations resulting from online service contracts. Clients can reach this platform via the following link: http://ec.europa.eu/consumers/odr/

§ 10 Consumer Information on Dispute Resolution

The Realtor is neither obliged nor willing to take part in any dispute settlement proceedings under the German Consumer Dispute settlement Act (VSBG).

§ 11 Place of Jurisdiction

If both the Realtor and the Client are fully-qualified traders in the sense of German Commercial Code (Handelsgesetzbuch), the place of performance and jurisdiction for all rights and obligations resulting from the contract shall be the registered office of the Realtor.

Virtus Investmentconsulting e. K.
As per: July 2018