Terms and Conditions

1. Information

The Agent certifies that he or she will always act in good faith, all the information submitted to LIQUID REALTY FUNDS CORP. (“Liquid”) is correct and authorizes Liquid to verify its authenticity with any associated party, including the Brokerage, and including the information regarding the Agent and the Brokerage with Loft Technologies Inc. (the “Loft Database”). The Agent agrees to indemnify and hold harmless Liquid for any inaccuracies in any of the information submitted to Liquid.

2. Representations of the Agent 

The Agent represents and warrants to Liquid, and acknowledges that Liquid is relying on such representations and warranties, that subject to completion of the Transaction:

  1. the Agent is entitled to receive the Commission and has the right to transfer and assign the Commission to Liquid; and

  2. the Agent’s entitlement to receive the Commission is: (i) free and clear of all mortgages, charges, security interests, liens, encumbrances, taxes and assessments and any claims whatsoever; and (ii) is not contingent upon the fulfilment of an obligation or condition, other than the closing of the Transaction.

3. Terms & Rates

The Agent agrees to receive a commission advance from Liquid for the Transaction in an amount equal to the Advance, and irrevocably agrees to assign all rights to the Commission to Liquid.  The Agent agrees that Liquid will deduct the Administrative Fee from the Advance.  The Advance will accrue interest at the Interest Rate, starting from the Advance Date and lasting until Liquid receives the full repayment.  The Agent agrees that this agreement is under full recourse, and the Agent will be liable to still repay Liquid by the Due Date even if the Commission is not paid for whatever reason.  The Agent confirms that he or she will not receive an advance on the Commission, in part or in whole, from any other another company for the same Transaction.  The Advance will be sent to the Agent’s bank details disclosed by the Agent to Liquid.

4. Repayment

The Advance and any Interest accrued thereon will be repaid to Liquid on the Due Date.  Partial payments shall be applied first towards any accrued but unpaid Interest, then to the outstanding amount of the Advance.  

5. Repayment Methods

The Agent authorizes the Brokerage to repay the Advance with all accrued Interest and instructs and agrees to assist the Brokerage with repaying Liquid via: (A) electronic funds transfer, or (B) depositing a cheque at Liquid’s banking institution.  The Agent authorizes the Brokerage to rely upon any representation made by Liquid as to any amounts owing by the Agent to Liquid.

6. Delays & Complications

If the Closing Date is delayed for any reason, then notwithstanding the Due Date, the Advance will be extended automatically upon providing notice of such to Liquid to a maximum of 30 days, which Liquid may confirm with the Brokerage.  If the Commission is not received for any reason, then the assignment set out in Section 3 hereof automatically applies to all other commissions payable to the Agent until the total amount owed to Liquid is fully repaid.  Liquid will be paid out in full before any payments are made to the Agent, and the Agent hereby authorizes and instructs the Brokerage not to forward any payments to the Agent until Liquid has been paid out in full.  The Agent agrees always to submit to Liquid the details of any delay, extension, cancellation, or other change to the Transaction as soon as possible and authorizes and instructs the Brokerage to do so as well.

7. Approval

An application for the Advance is subject to approval by Liquid.  Liquid may reject an application for any reason, disclosed or undisclosed, at its sole discretion.  Liquid may also approve an amount less than the amount requested by the Agent.

8. Additional Expenses

The Agent agrees that Liquid is not responsible for any banking fees or charges from the Agent’s bank, nor is Liquid responsible for any fees, charges, or losses due to delays in my payment.

9. Callable

The Advance and all accrued Interest is callable and repayment can be demanded at any time by Liquid’s sole discretion. 

10. Security Interest 

The Agent grants to Liquid a security interest in all of the Agent’s present and after acquired personal property including, without limitation, the Agent’s future interest in the Commission and the Agent’s present and future interest in any other commission owing to the Agent at any time.  Liquid may register a financing statement in relation to such security interest. 

11. Credit Checks

Liquid may obtain, use, share, and exchange credit and other information about the Agent with others including: the Brokerage, credit bureaux, and our affiliates for the purpose of determining whether or not to make an Advance to the Agent, and after making an Advance Liquid may use and disclose such information for the purpose of continually evaluating the Agent’s ability to repay any amounts owed to Liquid.  The Agent authorizes any person Liquid contacts to provide information and Liquid may disclose the Agent’s personal information to credit bureaux for the purpose of determining the Agent’s eligibility for an Advance.

12. Legal & Collection Fees

The Agent will be charged a $50.00 fee for any rejected or dishonoured payment.  The Agent acknowledges that he or she will be charged additionally for any legal and/or collection fees Liquid incurs while enforcing repayment, including without limitation legal fees on a solicitor/client basis (collectively, the “Collection Fees”).  If Liquid incurs any Collection Fees, then any payments from the Agent shall first be applied to the Collection Fees, then accrued but unpaid Interest, then to the outstanding amount of the Advance.  Liquid may refer amounts owed under this Agreement for third party collection at any time, and the Agent authorizes Liquid to share personal information with third parties for the purpose of collecting amounts owed under this Agreement.

13. Privacy & Confidentiality

Liquid will never share, sell, or distribute your private communications with any outside party, except as authorized by this Agreement, or required to do so by law.  Any communications with Liquid is treated as private and confidential. 

These Terms & Conditions are subject to change without notice. This contract is governed by the laws of the Province of British Columbia, and the courts located in Vancouver, British Columbia shall have non-exclusive jurisdiction to adjudicate disputes arising out of this Agreement.