Transferring an engagement
- the character of the transferee
- the financial standing of the transferee
- the terms of the transfer
- the competence, qualifications and experience of the transferee
- any training the transferee has completed or is likely to complete.
- cannot unreasonably withhold approval
- can ask to be reimbursed for reasonable costs incurred during the approval process
- cannot receive or ask for any other fee or reward for considering the transfer.
- 3% of the fair market value of the transfer if it is approved in the first year after the initial contract date
- 2% of the fair market value of the transfer if is approved after the first year but before the end of the second year after the initial contract.
In this guide:
- Role of a service contractor and letting agent
- Engaging a service contractor
- Amending an engagement
- Transferring an engagement
- Terminating an engagement