The Buyer Agency Agreement is a crucial document in Austrian real estate transactions that formalizes the relationship between a property buyer and their chosen real estate agent. This agreement is particularly important in the Austrian market where real estate transactions are heavily regulated and specific legal requirements must be met. The document is used when a buyer seeks professional representation in their property search and acquisition process, providing protection for both parties under Austrian law. The agreement typically includes detailed terms about the agent's services, compensation structure, duration, and obligations, while ensuring compliance with the Immobilienmaklergesetz (Real Estate Broker Act) and other relevant Austrian legislation. It's essential for documenting the scope of the agent's authority, establishing clear communication channels, and defining the parameters of the professional relationship.
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1. Parties: Identification of the buyer (principal) and the real estate agent (agent), including full legal names, addresses, and any relevant registration numbers
2. Background: Context of the agreement, including the buyer's intention to purchase property and the agent's qualifications and licenses
3. Definitions: Key terms used throughout the agreement, including technical real estate terms and specific Austrian legal terminology
4. Appointment and Scope of Services: Details of the agent's appointment and comprehensive list of services to be provided, including property search, evaluation, and negotiation assistance
5. Duration of Agreement: Term of the agency relationship, including start date, end date, and any renewal provisions
6. Agent's Obligations: Detailed responsibilities of the agent, including fiduciary duties, disclosure requirements, and professional standards under Austrian law
7. Client's Obligations: Buyer's responsibilities, including providing accurate information, cooperation requirements, and viewing arrangements
8. Compensation: Fee structure, payment terms, and conditions for commission earning and payment
9. Exclusivity: Terms regarding whether the agreement is exclusive or non-exclusive, and implications thereof
10. Termination: Conditions and procedures for ending the agreement, including notice requirements and consequences
11. Data Protection: GDPR compliance provisions regarding the handling of personal data
12. Governing Law: Confirmation of Austrian law governance and jurisdiction
13. Signatures: Execution block with date and signatures of all parties
1. Success Fee: Additional compensation structures based on achieving specific outcomes, used when parties agree to performance-based incentives
2. Property Search Criteria: Detailed specifications of the desired property, used when the buyer has specific requirements
3. International Considerations: Additional provisions for international buyers, including translation requirements and cross-border implications
4. Power of Attorney: Specific authorization for the agent to act on behalf of the buyer in certain circumstances, used when broader agent authority is required
5. Dual Agency Provisions: Specific terms for situations where the agent might represent both buyer and seller, if permitted
6. Special Market Conditions: Additional terms addressing specific market circumstances or unusual property types
1. Schedule A - Fee Structure: Detailed breakdown of all fees, commissions, and payment terms
2. Schedule B - Service Details: Comprehensive list of services included in the agreement
3. Schedule C - Property Requirements: Detailed specifications of the type of property being sought
4. Appendix 1 - Agent Credentials: Copies of agent's licenses, certifications, and professional registrations
5. Appendix 2 - Privacy Notice: Detailed GDPR-compliant privacy notice explaining data handling practices
6. Appendix 3 - Standard Forms: Standard forms used in Austrian real estate transactions that may be needed during the agency relationship
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Banking and Finance
Legal Services
Corporate Real Estate
Hospitality
Retail
Industrial
Commercial Property
Residential Property
Relevant Teams
Legal
Real Estate
Property Acquisition
Compliance
Risk Management
Corporate Development
Facilities Management
Investment
Operations
Finance
Business Development
Relevant Roles
Real Estate Agent
Property Buyer
Real Estate Broker
Legal Counsel
Property Acquisition Manager
Real Estate Manager
Corporate Real Estate Director
Facility Manager
Investment Manager
Property Portfolio Manager
Real Estate Consultant
Compliance Officer
Risk Manager
General Counsel
Business Development Manager
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