Xchange by houzen

TERMS AND CONDITIONS: FOR THE USAGE OF XCHANGE

DEFINITIONS

  • Any partner who shares properties via XChange (the “Landlord” or “Listing Agent”)
  • Houzen UK Ltd. incorporated and registered under the laws of England and Wales with company number 09917337 whose registered office is at 27 Finsbury Circus, London EC2M 7AB (the “XChange” or “Houzen”).
  • Any prospective tenant, buyer short let or corporate tenant referred to XChange (the “Lead”; the “Leads” or the “Referred Lead”)
  1. SCHEDULE 1: ENGAGEMENT TERMS
    • The Instructed Agent will introduce Leads to properties via XChange
    • The instructed agent will coordinate applicant viewings, secure offers and deliver them to the Listing Agent. The process is susceptible to change with prior notice from the Listing agent
    • Upon acceptance of the Leads’ offer, XChange will facilitate the referencing and contracting of the Lead via the Listing Agent.
    • XChange will inform the relevant Agent, in a timely fashion of the success or failure of each Lead’s referencing, as well as when a tenant enters into a Tenancy Agreement (a “Referred Lead” or, in case of failure of the referrals process, a “Non-Qualifying Lead”). For the avoidance of doubt, a Referral Fee shall not be paid in respect of a Non-Qualifying Lead. 
    • The Instructed Agent shall be entitled to a Referral Fee if:
      • in respect of Referred Leads (that are not deemed Non-Qualifying Leads);
      • a Referred Tenant pays the first instalment of rent due under the Tenancy Agreement (the “Rent Payment Date”) and the Referred Lead has moved into the Property.
    • The net amount of the referral fee payable shall be of the rental payments due under the relevant Tenancy Agreement from its commencement date plus VAT if applicable (“Referral Fee”).
    • The Referral Fee will be paid to the Agent, after the Agent has invoiced XChange.
    • The Listing Agent shall be responsible that all the information share with Instructed Agents is correct and must keep that information updated at all times.
    • The Listing Agent shall agree that by accepting a lead he/she will pay the “Instructed Agent” the agreed commission according to clause 1.5 within 30 days. 
  1. Schedule 2: WARRANTIES

XChange Warrants that:

    • Every Listing Agent whose properties are listed via XChange has authorized XChange to appoint Agents of their choosing to find tenants for the Listing Agent’s properties
    • The listing agent will keep Instructed agents updated on their “Lead’s” progress via XChange
  1. Schedule 3: TRIAL PERIOD
    • The first month of the subscription period will be without of cost for registered users, starting from the day this contract is signed/accepted.
    • The first month is defined as 30 full days from the signing of this contract
    • Once the trial month is complete, the registered users will be required to pay the £399 subscription fee with a 6-month contract, post which the contract will be on a rolling basis.
      • In the case that the user would not like to continue with the subscription, they may choose to not subscribe for the monthly package within their trial period.
      • At this point, the user’s XChange account and all data would be removed from the platform.
  1. Schedule 4: COMMISSIONS AND PAYMENT
    • Any commissions or potential bonuses shall be agreed between the Listing and Instructed agents via XChange prior to any introduction being made.
    • There may be some transactional fee incurred by the agent for any property exchange that may occur. All costs will be shared before any contract is accepted.
    • The cost of the Monthly subscription would be £399/month on a 6-month contract.
    • You must ensure that all monthly payments are made within 7 working days from the issuance of the payment has been cleared.
      • In the case of any delays, all access to the platform will be paused until the payment has been cleared.
  1. Schedule 5: DATA AND GDPR COMPLIANCE:
    • All XChange initiated listings, transactions, landlord, seller, developer, the applicant and property-related communication, whether conducted online on the Site or offline post- initiation on different modes of communication such as emails, phone calls, meetings would be subject to the GDPR data protection rules:
    • What are your data protection rights? XChange would like to make sure you are fully aware of all of your data protection rights. Every user is entitled to the following
      • The right to access – You have the right to request XChange for copies of your personal data. Depending on the nature of the data requested, there may be a small fee for this.
      • The right to rectification – You have the right to request that XChange correct any information you believe is inaccurate.
      • The right to erasure – You have the right to request for your data to be erased from the platform under certain conditions.
      • The right to restrict processing – You have the right to object to XChange restrict processing your personal data, under certain conditions.
      • The right to object to processing – You have the right to object to XChange processing your personal data, under certain conditions.