The Buyer Commission Agreement (Real Estate) is a crucial document used in the Indian real estate market when a buyer engages a real estate agent or brokerage firm to assist in property acquisition. This agreement becomes necessary when a buyer seeks professional assistance in identifying, evaluating, and purchasing property, whether for residential or commercial purposes. The document, governed by Indian law and RERA regulations, establishes the professional relationship between the parties, outlines the agent's services, specifies commission rates, and details payment terms. It provides legal protection for both parties and ensures transparency in the property transaction process. The agreement is particularly important in India's complex real estate market, where professional representation can significantly impact the success of property transactions.
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1. Parties: Identifies and provides details of the real estate agent/brokerage firm and the buyer
2. Background: Explains the context of the agreement, including the buyer's intention to purchase property and the agent's RERA registration status
3. Definitions: Defines key terms used throughout the agreement including 'Property Requirements', 'Commission', 'Closing', etc.
4. Appointment and Scope: Specifies the exclusive/non-exclusive appointment of the agent and detailed scope of services
5. Term and Termination: Duration of the agreement and conditions for termination by either party
6. Agent's Obligations: Comprehensive list of services and duties the agent will perform for the buyer
7. Buyer's Obligations: Buyer's responsibilities including providing accurate requirements, cooperating with the agent, and maintaining confidentiality
8. Commission Structure: Detailed explanation of commission calculation, payment terms, and conditions for commission becoming due
9. Protection Period: Terms regarding commission payment for properties shown during the agreement term but purchased after termination
10. Confidentiality: Provisions for handling confidential information shared during the engagement
11. Representations and Warranties: Standard declarations by both parties regarding their capacity and authority
12. Dispute Resolution: Process for handling disagreements, including mediation and arbitration procedures
13. Governing Law: Specifies Indian law as governing law and relevant jurisdiction
14. General Provisions: Standard clauses including notices, amendments, entire agreement, and severability
1. Multiple Buyers: Additional terms when there are multiple buyers acting jointly
2. Digital Communication: Terms for using electronic communications and digital signatures
3. Sub-Agents: Terms governing the appointment and use of sub-agents
4. Force Majeure: Provisions for unforeseen circumstances preventing performance
5. International Buyers: Additional provisions for non-resident Indian or foreign buyers
6. Property Management: Additional terms if the agent will provide property management services post-purchase
1. Schedule A - Property Requirements: Detailed specifications of the type of property the buyer is seeking
2. Schedule B - Commission Calculator: Detailed breakdown of commission rates and calculation methods
3. Schedule C - Agent's RERA Registration: Copy of agent's RERA registration certificate and details
4. Schedule D - Service Level Agreement: Specific timelines and service standards for agent's obligations
5. Appendix 1 - Required Documents: List of documents required from the buyer for property transactions
6. Appendix 2 - Agency Disclosure: Standard disclosure form regarding agency relationships as required by RERA
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Legal Services
Financial Services
Property Management
Construction
Corporate Real Estate
Residential Real Estate
Commercial Real Estate
Relevant Teams
Legal
Real Estate
Compliance
Business Development
Property Management
Corporate Services
Operations
Finance
Risk Management
Document Management
Relevant Roles
Real Estate Agent
Property Broker
Real Estate Consultant
Legal Counsel
Property Advisor
Real Estate Manager
Compliance Officer
Real Estate Transaction Coordinator
Business Development Manager
Property Acquisition Manager
Real Estate Director
Chief Real Estate Officer
Corporate Real Estate Manager
Property Portfolio Manager
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