Last update: 15/10/2023

1.1. These are the Standard Terms of Business and all Clients (herein referred to as ‘Investors’, ‘Clients’, ‘buyer’ or ‘you’) should satisfy themselves that they have read, fully understand and agree to the terms and conditions set out below before proceeding with a property transaction. 

1.2. PRIME RESOURCES LTD, trading as ‘PROSOURCE Property Services’ (herein referred to as ‘us’, ‘our’ or ‘we’)

1.3. All fees are payable on instruction. We usually require a small upfront service fee (min £2000) per deal with the balance due on exchange of contracts.

1.4. A facilitation fee at 2% of purchase price usually applies to all our deals (See 2.3 - Fees)

Simplified Buying Process & client onboarding overview

· All clients must sign these terms and the Non-Disclosure/Circumvention Agreement before we release any property details.

· We will require upfront buyer checks to meet the regulations – including verified identity checks and upfront proof/source of funds.

· Client to tell us exactly what they are looking for, then we will shortlist opportunities.

· Client to pay a small up front service fee per deal (see section 2.3 fees). We will then send through the relevant deal details. Balance of fees typically due on exchange.

· Client to undertake their own due diligence, provide us any feedback and make offer(s) for relevant deal(s)

· Client to sign the final fee agreement and pay the relevant fees to us and any partners to secure the relevant deal(s) 

· Deal(s) will be completed ASAP. (Note - we can also suggest trusted funders, solicitors, and other professionals to help throughout the process and with ongoing further support)

2.0 Client’s Responsibilities

2.1 PRIME RESOURCES LTD allow 14 days for the investor to complete their own due diligence on any deal they purchase from PRIME RESOURCES LTD. This time period commences from the date of signing this agreement. We highly recommend you instruct an independent viewing of the property and satisfy yourself that there is sufficient demand in the area for rental properties (as applicable).

2.1.1 It is the Client’s responsibility to ensure you have the ability to obtain the finance to purchase the property.

2.1.2 It is the Client’s responsibility to ensure you are happy with the deal provided within the time given to request a refund.

2.1.3 It is the Client’s responsibility to provide all the requested documentation 

2.1.4 Documentation must be provided verified as true and factual by an approved professional.

2.1.5 All fees must be paid by the investor purchasing the deal. No third-party payments are accepted. We will reject these if they occur.

2.1.6 All fees must be paid with cleared funds upon reservation.

2.1.7 The client agrees not to disclose any business dealings, property details, or conversations between themselves and PRIME RESOURCES LTD on any public forum including social media, Internet or forums.

2.1.8 The Client has agreed to conduct all business through PRIME RESOURCES LTD in relation to the disclosed properties. If the buyer makes any attempt to deal directly with the vendor or estate agents, they agree to compensate PRIME RESOURCES LTD by forfeiting the sourcing fee paid to us for our work in finding, researching and securing the said properties.

2.2 The client has taken independent funding advice and understands that should they be declined funding for any reason, PRIME RESOURCES LTD will not refund the fee. PRIME RESOURCES LTD will retain the fee and provide the client with a replacement property when they are eligible for funding. The client confirms that they have funding in place or have spoken with a funding advisor and are confident in approval of funding.

2.3 PAYMENT OF FEES BY CLIENT

2.3.1 A small upfront service fee will generally be payable to us for every deal. Client agrees to pay a minimum fee of £2000 or 5% of the overall facilitation fee whichever is higher. This will be held in a client account for a minimum of 14 days to allow the buyer enough time to assess any deals. 

2.3.3 These fees are required to cover our time and costs incurred in researching, shortlisting, and facilitating deals and to avoid abortive work.

2.3.4 A full facilitation fee (to be agreed) will typically be payable on exchange of contracts. This is typically 2% of purchase price dependant on the size of deal. Any upfront fees paid to us will be deducted from the final fee due on exchange.

3 PRIME RESOURCES LTD Responsibilities

3.1 We will allow the investor a time period of 14 days to carry out their own due diligence on the property and area. NO REFUND REQUESTS ACCEPTED AFTER 14 DAYS.

3.2 We will upon request issue a refund of any upfront fee less a booking fee of £500 within 28 days of original payment date. Refund requests must be made in writing within 14 days of signing this agreement. Refund procedures are set out further below.

3.3 For Anti-Money Laundering purposes, PRIME RESOURCES LTD will only refund to the account from which the payment was made. We will require proof of this payment and cannot issue any refunds until we have received this. No exceptions.

3.4 We will keep and store all personal information and documentation securely and in keeping with our obligations under ICO data protection regulations (including GDPR).

3.5 We will request various documentation from you as part of our client due diligence. This is a legal requirement to comply with Anti Money Laundering regulations. This will include: Proof of identity, ultimate source & proof of funds.

3.6 We reserve the right to use a third party approved company to assist with carrying out client due diligence.

3.7 We reserve the right to refuse to serve any investor they suspect to be acting in a fraudulent manner. 

3.8 We will provide the investor with full disclosure within 48 hours of the fee being paid

3.9 We will at all times remain a compliant company and observe the rules and regulations set out by the regulatory bodies. Copies of our registration documents can be provided upon request.

3.10 We are not liable for the success of any property deal.

3.11 We do not guarantee any rental income or achievable rent as a guaranteed rent.

3.12 We do not guarantee any tenants or income from tenants.

4.0 Property Details

4.1 PRIME RESOURCES LTD will provide you with the following property details (as applicable) once the upfront service fee has been paid:

· Full postal Address

· Agents links if available

· Planning Documents (as available)

· Any additional plans, pictures and video

· Any RICS surveyor report if available

5.0 Refund Policy

Our refund policy is as follows:

5.1 You have 14 days from paying the upfront fee to request a refund by emailing ross@pro-source.uk – with the term “Refund Request” in the subject heading.

5.2 We will need your proof of payment and we will only refund to the source account within 28 days of the original payment date. 

5.3 Any refund request after 14 days from date of signing this agreement will not be accepted in any circumstance.

5.4 PRIME RESOURCES LTD will not compensate or cover any costs incurred by the customer for legal fees or similar that are incurred in any circumstance.

5.5 A £500 booking fee is non-refundable in any circumstance and this will be deducted from any refund agreed.

6.0 Indemnity Disclaimer

6.1 We take no responsibility for any future problems with the economy, market, tenants or unforeseen issues with the property. PRIME RESOURCES LTD do not accept any costs incurred as a result of changes to legislation or guidelines regarding the property. By proceeding with any property deal, the Client agrees that they understand and accept all the current legislation and licensing applicable to the property in question.

6.2 All rental figures (if applicable) are estimates arrived at by using local comparators in the area, as well as the advice of local letting and estate agents. PRIME RESOURCES LTD cannot guarantee any figures quoted regarding an investment lead. 

6.3 We will not be liable for any fees, costs or charges thereof for building refurbishments. 

6.4 CLIENT AGREES TO THE REFUND POLICY AND FULLY ACKNOWLEDGE THAT THEY MUST REQUEST A REFUND IN WRITING WITHIN 14 DAYS OF THE DATE ON THIS AGREEMENT. THEY ALSO ACCEPT THAT A £500 BOOKING FEE APPLIES AND IS NOT REFUNDABLE IN ANY CIRCUMSTANCE.

6.5 THE CLIENT HAS READ AND UNDERSTOOD THE ABOVE TERMS AND ACKNOWLEDGE THAT THEY HAVE 14 DAYS FROM THE DATE OF THIS AGREEMENT TO CARRY OUT FURTHER DUE DILIGENCE ON THE PROPERTY DEAL.

6.6 THE CLIENT FURTHER ACKNOWLEDGES THAT ANY REQUEST FOR A REFUND WILL NOT BE ACCEPTED AFTER 14 DAYS OF SIGNING THIS AGREEMENT IN ANY CIRCUMSTANCE.

6.7 THE CLIENT FURTHER ACKNOWLEDGES THAT A £500 BOOKING FEE WILL BE DEDUCTED FROM ANY REFUND THAT IS AGREED WITHIN THE 14 DAY PERIOD.

7.0 Changes to the Terms and Conditions

7.1 PRIME RESOURCES LTD reserves the right to change these terms and conditions as we may deem necessary from time to time or as may be required by law. Any changes will be posted on our website (www.pro-source.uk). 

Our compliance details below: 

• Public Liability & Professional Indemnity Insurance (TBC), 

• ICO Data Protection License - ZB657202, 

• Anti-Money Laundering Supervision (TBC), 

• Property Redress Scheme Membership - (TBC). 

Please contact us for any further information