1.Purpose It is expressly understood by the undersigned that the use of this website is to bring private buyers and sellers of Commercial Real Property and/or businesses together for the purpose of providing a platform where buyers and sellers of commercial real property and/or commercial enterprises can find each other and deal with each other directly. The website then can function as an intermediary between the parties, eliminating the use of a broker and considerably reducing the fees charged by same in the thousands of dollars range, eventually benefiting both parties.
(a)This is not a website for the purchase/sale of single family residential property up through a four (4) family single residential piece of property. Such property will not be listed on this website.
2.Membership It is expressly understood that the undersigned, by agreeing to the terms and conditions of this website, the undersigned becomes a member of FISBO COMMERCIAL.com.
(a)Real Estate Brokers Prohibited – Whereas the Web Administrators (hereinafter “WA”) are fully licensed real estate brokers in the State of New Jersey, New York and Pennsylvania, any and all Real Estate Brokers are prohibited from acting as “members” of the website and are prohibited access to the website. This website cannot be used by brokers to find/undercut any seller’s listing or for future listing possibilities. If a Broker is found to violate the requirements under this Agreement, said Broker has agreed under this Agreement that their act is reportable to the relevant State Real Estate Commission and will include an additional penalty of $10,000.00 to be paid to the website as liquidated damages per offense in addition to any other penalties imposed by the relevant Commission.
(b)Buyer’s Membership Fee – any Buyer qualified and approved by the WA Web Administrator from here on will must pay a $500.00 per month licensing fee. This fee guarantees that from the 1st day of the month to the last day of every month, that any qualified Buyer has maintained access to the website to review all available listings of properties/businesses. There is also a $500.00 one time activation fee paid by a newly qualified member. Should the monthly payment not be made in full with no alternative arrangements made by the Buyer in the interim, access to the website will be denied until full payment is confirmed.
(c)Seller Fee – posting on the website is 1/2 of one percent per month of the list price which is paid pro data at the date of the listing agreement. After that is on automative with drawl basis from the sellers account to be arranged with the web administrator, A membership could be withdraw at any time but is not apportioned it is based on monthly payment This 1/2 th of percent fee is waived for a limited period of Time, but is a property is listed without any interaption for 3 years After there is no fee until it is sold, so maximum fee to sell property is three percent.
It is expressly understood by the undersigned that all pricing on the website, once posted for membership viewing, cannot be modified without an agreement in writing between Seller and the WA (so it is fixed, but negotiable once a suitable buyer is found).
(a)Any offer to purchase on the website must be done in writing using the forms provided on the website. Submissions of offers will be submitted to the Web Administrator (hereinafter “WA”) who is on duty at the time. The WA will then move to finalize any deal through video conferencing to “oversee” any subsequent negotiations concerning finalization of details for that particular transaction. Any offer to purchase will contain all of Buyer’s full contact information (i.e. address (no P.O. Boxes allowed to be listed here), telephone numbers, email addresses and fax numbers)
(b)Sellers who are members of the website are under no obligation to accept offers below asking price posted for membership viewing. Sellers are under no obligation to conduct settlement negotiations through the WA. Seller will never be pressured into acceptance by WA or buyers.
(c)Buyers or buyer’s agents cannot contact tenants or employees of seller. Buyer shall be held personally liable for all fees and damages to seller resulting from such a breach and can exercise his rights in a court of law and/or equity. Violation of this provision shall result in a $25,000.00 fine plus court costs for each proven violation as liquidated damages.
(d)The WA cannot be used as a vehicle to negotiate the sales price up or down by the parties. However, the WA can and should as an intermediary between the parties for all other issues.
4.Buyer’s Discretion Buyers who are members of the website must use their own judgment in making offers. However, buyers have no right into the following areas of inquiry:
a.Whether the listed price to sell is flexible (making an bona fide offer to find this out)
b.reasons as to why the sellers are selling
c.the original price of purchase by seller
5.Seller’s Right To Terminate Interaction With Buyer In writing, the seller may elect to stop all communications with a potential buyer through the process of serving the WA with the written notice that seller no longer wants contact with potential buyer (this form can be found on the website front page). WA will immediately notify potential buyer of the termination in writing, said notice including an informational portion indicating that said Buyer will no longer be able to conduct business on the website until said Seller is no longer a member of same.
6.Limits On Buyer’s Power To Make Offers And Enforecment – Whereas all offers by a Buyer to a particular seller must be in writing, a Buyer may make only a maximum of three (3) offers plus counteroffers to purchase to a particular Seller on a particular transaction without the assistance of a WA. If the WA approves of further offers/counteroffers beyond the limit of three (3), that will be made to both parties in writing prior to any further communications between the parties. Otherwise, the WA in his discretion, will cut the Buyer off from the ability to make any further offers/counteroffers. It is the intention of the functionality of the website that the WA does have the power to “custom tailor” (negotiate) limited aspects of the sales price amount, but not to the point of materially affecting the substantive aspects of the transaction beyond pricing and potentially payment of the sales price agreed upon. In other words, the WA’s role is to finalize a price agreed upon by both parties and date of payment of same, nothing more beyond those two issues. To clarify further, this website is not designed to either create or promote installment sales or discourage same.
7.Affidavit of Proof – in order for the undersigned to gain access to the website as a member, undersigned is required to sign an Affidavit of Non-Broker Affiliation, which indicates in writing that they are not real estate salespeople/brokers or agents of same. Violation of this provision and/or false swearing in the Affidavit, upon finding of same, results in a fine of $10,000.00 + court costs (as liquidated damages), a banning from the website, and criminal charges filed for purgery.
8.Website Administration – the WA(s) is a licensed real estate broker in the State of New Jersey.
9.Gurantee Of Power To Contract-– all individual agent(s) with access to this website as “members” purport to have the ability to act on behalf of and bind the buyer to any and all contracts with any and all potential sellers.
10.Gurantee Of Qualified Buyers- – all buyers who have agreed to the terms and conditions herein must undergo a credit check by the WA. Thus, any and all buyers (or the buyer’s agents) hereby authorize the WA to perform a credit check on said buyer. Said credit check will not be released to any seller by the WA. Any and all buyers (or the buyer’s agents) shall also provide availability of funds to be verified by the WA if specifically requested by the WA in writing prior to membership approval into the website. Thus, all buyers who are members on the website are qualified buyers, assured by the WA.
11.Voluntary Lien On Property- It is expressly understood that the undersigned, by agreeing to the terms and conditions of this website and upon the listing of the relevant real property on this website, has agreed that the undersigned will not attempt to circumvent any of the provisions regarding the use of this website, including, but not limited to, payment of the fees for usage of same. Should the WAs determine, in their own discretion, that the undersigned has attempt any such circumvention, it is within the discretion of the WAs, and understood by the undersigned that this Agreement can be filed in the relevant County wherein the property is situated as a lien on said property. You are also agreeing to allow the website to potentially file this Agreement along with a UCC-1 financing statement with the New Jersey Secretary of State as a lien on the undersigned.
13.Additional Instruments – The undersigned shall, from time to time, at the request of Web Administrator (hereinafter “WA” for short), execute, acknowledge, and deliver to the WA any and all further instruments that may be required to give full force and effect to the provisions of this Agreement.
14.Modification – No provision of this Agreement shall be changed or modified, nor shall this Agreement be discharged or terminated in whole or in part, except by an agreement, in writing, signed by the party against whom the change, modification, discharge or termination is claimed or sought to be enforced, or by the undersigned agent authorized, in writing, signed by such party to make such change, modification, discharge or termination.
15.Entire Agreement – This Agreement constitutes the entire understanding of the undersigned. There are no representations, promises, warranties, covenants, or undertakings other than those expressly set forth herein.
16.Situs – The laws of the State of New Jersey shall govern all matters affecting the interpretation of this Agreement, all documents issues as a result of or related to this Agreement, and the rights of the undersigned hereto.
17.Binding Arbitration – All legal disputes are to be handled by binding Arbitration.
18.Binding Effect – The failure of the undersigned or the WA to insist upon strict performance of any provision of this Agreement, in the event of any default, shall not be construed as a waiver of any subsequent default of similar or other nature. Except as otherwise stated herein, all the provisions of this Agreement shall be binding upon the respective heirs, next of kin, Executors and Administrators of the parties.
19.Illegal Provision/Sverability – If any provision of this Agreement is held to be invalid or unenforceable, all other provisions shall nevertheless continue in full force and effect.
20.collusion– It is expressly understood and agreed that notwithstanding the provisions herein contained there have been no collusive agreements whatsoever, made either orally or I writing, nor any representation by one party to the other with respect to the Agreement. Nothing herein contained shall be deemed to prevent any parties hereto from instituting and maintaining a suit against the other, nor to bar the other from defending such suit.
21.Under Duress/Fraud – The undersigned hereto acknowledges that this Agreement is fair and is not the result of any fraud, duress, or undue influence exercised by any party upon the undersigned, or by any other person or persons upon either of them, and they further agree that this Agreement contains the entire understanding of the undersigned, and that there have been no representations, warranties, covenants or undertakings other than those expressly set forth herein.
22.Nonrefundability– Any and all fees and costs associated with the use of this website are non-refundable, unless indicated in this Agreement otherwise.