The Buyer Agent Commission Agreement is essential when engaging professional representation in property transactions under English and Welsh law. This document formalizes the relationship between a buyer and their appointed agent, detailing commission structures, service scope, and responsibilities. It's particularly important in complex property transactions where professional representation is crucial. The agreement ensures compliance with the Estate Agents Act 1979 and related legislation, while protecting both parties' interests through clear terms and conditions.
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1. Parties: Identifies and defines the agent and buyer
2. Background: Sets out the context and purpose of the agreement
3. Definitions: Defines key terms used throughout the agreement
4. Appointment and Scope: Defines the agent's appointment and services to be provided
5. Commission Structure: Details the commission rates and payment terms
6. Agent's Obligations: Lists the duties and responsibilities of the agent
7. Buyer's Obligations: Sets out the buyer's responsibilities and commitments
8. Term and Termination: Specifies duration and termination provisions
9. Confidentiality: Covers confidentiality obligations
1. Exclusivity: Additional provisions when the agent has exclusive rights to represent the buyer
2. International Purchases: Specific provisions for international property transactions when dealing with overseas properties
3. Additional Services: Details any additional services offered beyond standard scope when such services are included
1. Schedule 1: Commission Rates: Detailed breakdown of commission structure and calculations
2. Schedule 2: Services Description: Detailed description of services to be provided
3. Appendix A: Property Requirements: Buyer's specific property requirements and preferences
4. Appendix B: Territory: Geographical area covered by the agreement
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