The Buyer's Agent Agreement is a crucial document in Indian real estate transactions that formalizes the professional relationship between a property buyer and their chosen real estate agent. This agreement becomes necessary when an individual or organization seeks professional assistance in identifying, evaluating, and purchasing property in India. The document must comply with the Real Estate (Regulation and Development) Act (RERA) and other applicable Indian laws, making it essential for regulated real estate transactions. It typically includes detailed provisions about the agent's services, commission structure, exclusivity terms (if any), and the specific requirements of the property being sought. The agreement protects both parties' interests by clearly defining roles, responsibilities, and expectations while ensuring compliance with local regulatory requirements. It's particularly important in the Indian context where real estate transactions can be complex and require careful navigation of legal and regulatory frameworks.
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1. Parties: Identification of the buyer (principal) and the real estate agent, including full legal names, addresses, and registration details of the agent under RERA
2. Background: Context of the agreement, including the buyer's intention to purchase property and the agent's qualifications and RERA registration status
3. Definitions: Key terms used throughout the agreement, including 'Property Requirements', 'Services', 'Commission', 'Exclusive Agency Period', etc.
4. Appointment and Scope: Formal appointment of the agent and detailed scope of services to be provided
5. Agent's Duties and Responsibilities: Comprehensive list of the agent's obligations, including property search, negotiations, due diligence, and reporting
6. Buyer's Obligations: Buyer's responsibilities including providing accurate requirements, timely responses, and necessary documentation
7. Commission Structure: Detailed breakdown of the agent's compensation, payment terms, and conditions for commission eligibility
8. Term and Termination: Duration of the agreement, renewal terms, and conditions for termination by either party
9. Confidentiality: Obligations regarding confidential information shared during the engagement
10. Representations and Warranties: Standard declarations by both parties regarding their capacity and authority to enter into the agreement
11. Limitation of Liability: Scope and limits of the agent's liability in performing the services
12. Governing Law and Dispute Resolution: Applicable law and method for resolving disputes
13. General Provisions: Standard boilerplate clauses including notices, entire agreement, amendments, and severability
1. Exclusive Agency Rights: Additional section when the agreement is exclusive, preventing the buyer from engaging other agents
2. Sub-Agency: Include when the agent may need to appoint sub-agents or collaborate with other professionals
3. Special Property Requirements: Detailed section for buyers with very specific or unusual property requirements
4. International Considerations: Required for non-resident Indian buyers or international transactions
5. Digital Communications: Specific provisions for virtual property viewings and electronic communications when relevant
6. Force Majeure: Detailed provisions for unforeseen circumstances, particularly relevant in uncertain times
7. Anti-Money Laundering Compliance: Additional compliance requirements for high-value transactions
1. Schedule A - Property Requirements: Detailed specifications of the type of property sought, including location, size, budget, and other requirements
2. Schedule B - Service Fee Structure: Detailed breakdown of all fees, commissions, and payment terms
3. Schedule C - Required Documentation: List of documents required from the buyer for property transactions
4. Schedule D - Agent's RERA Registration: Copy of agent's RERA registration and other relevant certifications
5. Appendix 1 - Power of Attorney: Optional POA format if the agent will be authorized to act on buyer's behalf for certain matters
6. Appendix 2 - Reporting Format: Standard format for periodic reports to be submitted by the agent to the buyer
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